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MACRS 7-year property A piece of newly purchased...

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Finance

MACRS 7-year property

A piece of newly purchased industrial equipment costs $1,070,000 and is classified as seven-year property under MACRS. Calculate the annual depreciation allowance of Year 8 for this equipment.

a.

$47,722
b.

$95,551
c.

$143,273
d.

$262,043
e.

$96,235

Calculate the end-of-the-year book value of Year 7 for this equipment.

a.

$47,722
b.

$96,235
c.

$95,551
d.

$262,043
e.

$143,273

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