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Suber Inc., a calendar year taxpayer, purchased equipment for $860,000 and placed it in service...

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Accounting

Suber Inc., a calendar year taxpayer, purchased equipment for $860,000 and placed it in service on March 1. Subers chief engineer determined that the equipment had an estimated useful life of 120 months and a $56,000 residual value. For financial statement purposes, Suber uses the straight-line method to compute depreciation.

a. Assuming that the equipment has a seven-year recovery period and is subject to the half-year convention, compute MACRS depreciation for the year.

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