Depreciation 4. Keith began a calendar-year car cleaning business called Cozart's Cars Palace. He bought $100,000...

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Depreciation 4. Keith began a calendar-year car cleaning business called Cozart's Cars Palace. He bought $100,000 of car cleaning equipment and placed it in service in 2021. The asset has a 7-year useful life and qualified for 50% bonus depreciation. He could not take any §179 expense because he was phased out because of too many assets placed in service. What is the total depreciation on the equipment in each year assuming the half-year convention applies? (0.5 pts each, 1 pt total) a. Year 1 Depreciation (2021): b. Year 2 Depreciation (2022): Depreciation 4. Keith began a calendar-year car cleaning business called Cozart's Cars Palace. He bought $100,000 of car cleaning equipment and placed it in service in 2021. The asset has a 7-year useful life and qualified for 50% bonus depreciation. He could not take any §179 expense because he was phased out because of too many assets placed in service. What is the total depreciation on the equipment in each year assuming the half-year convention applies? (0.5 pts each, 1 pt total) a. Year 1 Depreciation (2021): b. Year 2 Depreciation (2022):

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To calculate the depreciation for each year including the bonus depreciation and ut... View the full answer