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Depreciation and Taxes Auburn Company purchased an asset on January 1, Year 1 for...

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Accounting

Depreciation and Taxes
Auburn Company purchased an asset on January 1, Year 1 for $150,000. The asset has a MACRS life of 7 years. The residual value of the asset is $35,000. Refer Exhibit 11.3 to answer the following questions.
Calculate the depreciation expense for Year 1 using MACRS.
Calculate the depreciation expense for Year 2 using MACRS.
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