Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. tom purchased a 7-year asset for his business in f

Tom purchased a 7-year asset for his business in February, 2020 for $4,500 and used...

80.2K

Verified Solution

Question

Accounting

Tom purchased a 7-year asset for his business in February, 2020 for $4,500 and used the half-year convention for MACRS. He did not deduct any bonus depreciation. He sold the asset in April, 2023. How much depreciation will Tom deduct in 2023?

TABLE 1 MACRS Half-Year Convention

Depreciation Rate for Recovery Period

Year 5-year 7-year

1 20.00% 14.29%

2 32.00 24.49

3 19.20 17.49

4 11.52 12.49

5 11.52 8.93

6 5.76 8.92

7 8.93

8 4.46

Multiple choice question. $214 $281 $562 $187

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

Reserve Problems Chapter 8 Section 2 Problem 2 During the nutrition research, the amount of consumed kilocalories...

Basic Math
1.2K views

problem 08-23 Algo (Using Regression Analysis for Forecasting Quarter:1,2,3,4 year 1: 2,0,5,5 year 2: 5,2,8,8 year 3: 7,6,10,10 Use a multiple...

Accounting
1.2K views

Solving for Unknowns Misterio Company uses a standard costing system. During the past quarter, the following variances...

General Management
1.2K views

Exercuse Answer each question, and explain the basis for your answer A furniture retailer purchased a shipment...

General Management
1.2K views

Summarize the advantages and disadvantages of mergers and acquisitions as a means of diversification. Discuss how the...

Physics
1.2K views

20 From a circular disc of radius R a square is cut out with a...

Basic Math
1.2K views

Given f(x) = 1/ x+1 and g(x) = x 4, if you were asked...

Statistics
1.2K views

The average new car price is 37000 with a standard deviation of 1850 Consider a...

Algebra
1.2K views

ne circulation or a 6 2 0 1 0 3t C Show Transcribed Text magazine...

Algebra
1.2K views

1 There are 48 socks in a drawer 24 pairs 2 pair s are silver...

Accounting
1.2K views

Change of partners Assume that Partners A and B each report a Capital Account of...

Finance
1.2K views

Electrolex, Inc., has four-year bonds outstanding that pay a coupon rate of 7.0 percent and...