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In March 2018, Jones Company purchased a Mercedes for use in its business at a...

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Accounting

In March 2018, Jones Company purchased a Mercedes for use in its business at a cost of $73,000. Assuming no bonus depreciation or Section 179 deduction, calculate the allowable tax depreciation on this asset for 2018, 2019, and 2020. Use Table 7-1 and Table 7-2. Use the below table for annual depreciation deduction for year 2018 to 2021: 2018 $ 10,000 2019 16,000 2020 9,600 2021 and subsequent years 5,760

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