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Required information Problem 10-65(LO 10-3)(Static) [The following information applies to the questions...

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Accounting

Required information
Problem 10-65(LO 10-3)(Static)
[The following information applies to the questions displayed below.]
Phil owns a ranch business and uses four-wheelers to do much of his work. Occasionally, though, he and his boys will go
for a ride together as a family activity. During year 1, Phil put 765 miles on the four-wheeler that he bought on January 15
for $6,500. Of the miles driven, only 175 miles were for personal use. Assume four-wheelers qualify to be depreciated
according to the five-year MACRS schedule and the four-wheeler was the only asset Phil purchased this year. (Use MACRS
Table 1, Table 2, Table 3, Table 4 and Table 5.)
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.
Problem 10-65 Part a (Static)
a. Calculate the allowable depreciation for year 1(ignore the 179 expense and bonus depreciation).
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