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On April 1, 2024, Titan Corporation purchases office equipment for $78,000. For tax reporting, the company uses MACRS and classifies the equipment as five-year personal property. In 2024, this type of equipment is eligible for 60% first-year bonus depreciation. For financial reporting, the company uses straight-line depreciation. Assume the equipment has no residual value. Required: 1. Calculate annual depreciation for the five-year life of the equipment according to MACRS. The company uses the haif-year convention for tax reporting purposes. 2. Calculate annual depreciation for the five-year Lfe of the equipment according to straight-line depreciation. The company uses partial-year depreciation based on the number of months the asset is in service for financial reporting purposes. 3. In which year(s) is tax depreciation greater than financial reporting depreciation? Complete this question by entering your answers in the tabs below. Calculate anndat depreciation for the five-year life of the equipment according to MACRS. The company uses the half-year convention for tax reporting purposes. Note: Round "Depreciation Rate per MACRS" answers to 2 decimal places. Round your final answers to nearest whole dollars. On April 1, 2024, Titan Corporation purchases office equipment for $78,000. For tax reporting, the company uses MACRS and classifies the equipment as five-year personal property. In 2024, this type of equipment is eligible for 60% first-year bonus depreciation. For financial reporting, the company uses straight-line depreciation. Assume the equipment has no residual value. Required: 1. Calculate annual depreciation for the five-year life of the equipment according to MACRS. The company uses the half-year convention for tax reporting purposes. 2. Calculate annual depreciation for the five-year life of the equipment according to straight-line depreciation. The company use partial-year depreciation based on the number of months the asset is in service for financial reporting purposes. 3. In which year(s) is tax depreciation greater than financial reporting depreciation? Complete this question by entering your answers in the tabs below. Calculate annual depreciation for the five-year life of the equipment according to straight-line depreciation. The company uses partial-year depreciation based on the number of months the asset is in service for financial reporting purposes. On April 1, 2024, Titan Corporation purchases office equipment for $78,000. For tax reporting, the company uses MACRS and classifies the equipment as five-year personal property. In 2024, this type of equipment is eligibie for 60% first-year bonus depreciation. For financial reporting, the company uses straight-line depreciation. Assume the equipment has no residual value. Required: 1. Calculate annual depreciation for the five-year life of the equipment according to MACRS. The company uses the half-year convention for tax reporting purposes. 2. Calculate annual depreciation for the five-year life of the equipment according to straight-line depreciation. The company use: partial-year depreciation based on the number of months the asset is in service for financial reporting purposes. 3. In which year(s) is tax depreciation greater than financial reporting depreciation? Complete this question by entering your answers in the tabs below. In which year(s) is tax depreciation greater than financial reporting depreciation? In which year(s) is tax depreciation greater than financial reporting depreciation? \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Property class } \\ \hline Year & Three-Year & Five-Year & Seven-Year \\ \hline 1 & 33.338 & 20.008 & 14.298 \\ \hline 2 & 44.45 & 32.00 & 24.49 \\ \hline 3 & 14.81 & 19.20 & 17.49 \\ \hline 4 & 7.41 & 11.52 & 12.49 \\ \hline 5 & & 11.52 & 8.93 \\ \hline 6 & & 5.76 & 8.92 \\ \hline 7 & & & 8.93 \\ \hline 8 & & & 4.46 \\ \hline \end{tabular} On April 1, 2024, Titan Corporation purchases office equipment for $78,000. For tax reporting, the company uses MACRS and classifies the equipment as five-year personal property. In 2024, this type of equipment is eligible for 60% first-year bonus depreciation. For financial reporting, the company uses straight-line depreciation. Assume the equipment has no residual value. Required: 1. Calculate annual depreciation for the five-year life of the equipment according to MACRS. The company uses the haif-year convention for tax reporting purposes. 2. Calculate annual depreciation for the five-year Lfe of the equipment according to straight-line depreciation. The company uses partial-year depreciation based on the number of months the asset is in service for financial reporting purposes. 3. In which year(s) is tax depreciation greater than financial reporting depreciation? Complete this question by entering your answers in the tabs below. Calculate anndat depreciation for the five-year life of the equipment according to MACRS. The company uses the half-year convention for tax reporting purposes. Note: Round "Depreciation Rate per MACRS" answers to 2 decimal places. Round your final answers to nearest whole dollars. On April 1, 2024, Titan Corporation purchases office equipment for $78,000. For tax reporting, the company uses MACRS and classifies the equipment as five-year personal property. In 2024, this type of equipment is eligible for 60% first-year bonus depreciation. For financial reporting, the company uses straight-line depreciation. Assume the equipment has no residual value. Required: 1. Calculate annual depreciation for the five-year life of the equipment according to MACRS. The company uses the half-year convention for tax reporting purposes. 2. Calculate annual depreciation for the five-year life of the equipment according to straight-line depreciation. The company use partial-year depreciation based on the number of months the asset is in service for financial reporting purposes. 3. In which year(s) is tax depreciation greater than financial reporting depreciation? Complete this question by entering your answers in the tabs below. Calculate annual depreciation for the five-year life of the equipment according to straight-line depreciation. The company uses partial-year depreciation based on the number of months the asset is in service for financial reporting purposes. On April 1, 2024, Titan Corporation purchases office equipment for $78,000. For tax reporting, the company uses MACRS and classifies the equipment as five-year personal property. In 2024, this type of equipment is eligibie for 60% first-year bonus depreciation. For financial reporting, the company uses straight-line depreciation. Assume the equipment has no residual value. Required: 1. Calculate annual depreciation for the five-year life of the equipment according to MACRS. The company uses the half-year convention for tax reporting purposes. 2. Calculate annual depreciation for the five-year life of the equipment according to straight-line depreciation. The company use: partial-year depreciation based on the number of months the asset is in service for financial reporting purposes. 3. In which year(s) is tax depreciation greater than financial reporting depreciation? Complete this question by entering your answers in the tabs below. In which year(s) is tax depreciation greater than financial reporting depreciation? In which year(s) is tax depreciation greater than financial reporting depreciation? \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Property class } \\ \hline Year & Three-Year & Five-Year & Seven-Year \\ \hline 1 & 33.338 & 20.008 & 14.298 \\ \hline 2 & 44.45 & 32.00 & 24.49 \\ \hline 3 & 14.81 & 19.20 & 17.49 \\ \hline 4 & 7.41 & 11.52 & 12.49 \\ \hline 5 & & 11.52 & 8.93 \\ \hline 6 & & 5.76 & 8.92 \\ \hline 7 & & & 8.93 \\ \hline 8 & & & 4.46 \\ \hline \end{tabular}

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