Hansel LLC purchased Office furniture in 2020 for $50,000 and depreciated it using 7 7-year MACRS.   What is depreciation for 2020-2023 and the adjusted basis at the end of 2023?  (format your depreciation expense as -xxxx, i.e. 1000 of depreciation expense should be -1000

Asset cost	$50,000
2020 depreciation
2021 depreciation
2022 depreciation
2023 depreciation
Adjusted basis at the end of 2023

Answer rating: 100% (QA)

To calculate the depreciation for each year and the adjusted basis at the end of 2023 we will use the Modified Accelerated Cost Recovery System MACRS ... View the full answer