Depreciation, accounting homework

Jan 18th, 2016
DotaCN
Category:
Accounting
Price: $5 USD

Question description

I need some help - I need a paper written that is about 400 words on the following:

In January 2011, JIM, purchased $350,000 of new MACRS (Modified Accelerated Cost Recovery System) 5-year property in the United States. This equipment was placed in service May 1, 2011. JIM wants to take as much depreciation in 2011 as possible. 

  • Calculate the depreciation for 2011.
  • If JIM had been located in a qualified enterprise zone, what would be the depreciation amount?
  • Explain the depreciation method you used.

In addition, include the tax benefits (savings) for the first year and the present value of the total tax benefits for the entire 5-year period. 

  • Discuss how the tax benefits and present value would change if a different method of depreciation was used.
  • Also, discuss when JIM would not choose to take as much depreciation as possible.

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