What is straight line depreciation charge for first year

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An asset was purchased for $70,000, has a salvage value of $10,000, and has a useful life of 10 years. If the asset is placed in service on May 1 { the company's fiscal year runs from January 1 to December 31 },, what is its straight line depreciation charge for the first year of service? What is the depreciation charge for year five of its useful life using MACRS depreciation and given it is a GDS 10-year property?

Reference no: EM131098619

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