Calculate accumulated depreciation over 6 years.

label Business
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

Genetic Insights Co. purchases an asset for $12,685. This asset qualifies as a seven-year recovery asset under MACRS. The seven-year fixed depreciation percentages for years 1, 2, 3, 4, 5, and 6 are 14.29%, 24.49%, 17.49%, 12.49%, 8.93%, and 8.93%, respectively. Genetic Insights has a tax rate of 30%. The asset is sold at the end of six years for $3,142.

 Calculate accumulated depreciation over 6 years. Round the answer to two decimals.

Oct 3rd, 2015

Thank you for the opportunity to help you with your question!

Cost of Machine 12685
Year Depreciation % Accumulated Depreciation
1 14.29% $1,812.69
2 24.49% $3,106.56
3 17.49% $2,218.61
4 12.49% $1,584.36
5 8.93% $1,132.77
6 8.93% $1,132.77
$10,987.75
MACRs accumulated depreciation.xlsx

Please let me know if you need any clarification. I'm always happy to answer your questions.
Oct 3rd, 2015

Studypool's Notebank makes it easy to buy and sell old notes, study guides, reviews, etc.
Click to visit
The Notebank
...
Oct 3rd, 2015
...
Oct 3rd, 2015
Oct 20th, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer