Penguin Network Warehouse, LLC (PNW, LLC) acquired the following assets last year. Industrial Refrigeration Equipment on...

 

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Penguin Network Warehouse, LLC ("PNW, LLC") acquired the following assets last year. Industrial Refrigeration Equipment on January 23 Network server computer equipment on May 4 Office furniture on June 12 Required: 1. Using the below MACRS depreciation table, leverage VLOOKUP formulas to calculate reg 2. Sum the total depreciation for each year. (Hint: Use an IF formula with "Yes" and "No" to respond to the Fully Depreciated question.) Depreciation Rate for Recovery Period Year 3 5 7 1 33.33% 20.00% 14.29% 23456 44.45% 32.00% 24.49% 14.81% 19.20% 17.49% 7.41% 11.52% 12.49% 11.52% 8.93% 5.76% 8.92% 7 8 8.93% 4.46% Asset: Industrial Refrigeration Equipment Class Life: 7 Basis: $1,434,214 Depreciaiton Year Rate Amount 1 14.29% 1234567 24.49% 17.49% 12.49% 8.93% 8.92% 7 8.93% 8 4.46% Total Fully Depreciated? Asset: Network Server Computer Equipment Class Life: 5 Basis: $1,076,900 Depreciaiton Year Rate 123456700 8 Amount Total #VALUE! Fully Depreciated? 7 $1,002,237 Depreciaiton Asset: Class Life: Basis: Office Furniture Year Rate 123456700 8 Amount Total Fully Depreciated? Asset: Class Life: Office Furniture 7 Basis: $1,002,237 Depreciaiton Year 1 234567 8 Rate Total Fully Depreciated? Total Depreciation Year 1 $ 2 3 4 5 6 S 7 $ 8 $ Amount Amount Penguin Network Warehouse, LLC ("PNW, LLC") acquired the following assets last year. Industrial Refrigeration Equipment on January 23 Network server computer equipment on May 4 Office furniture on June 12 Required: 1. Using the below MACRS depreciation table, leverage VLOOKUP formulas to calculate reg 2. Sum the total depreciation for each year. (Hint: Use an IF formula with "Yes" and "No" to respond to the Fully Depreciated question.) Depreciation Rate for Recovery Period Year 3 5 7 1 33.33% 20.00% 14.29% 23456 44.45% 32.00% 24.49% 14.81% 19.20% 17.49% 7.41% 11.52% 12.49% 11.52% 8.93% 5.76% 8.92% 7 8 8.93% 4.46% Asset: Industrial Refrigeration Equipment Class Life: 7 Basis: $1,434,214 Depreciaiton Year Rate Amount 1 14.29% 1234567 24.49% 17.49% 12.49% 8.93% 8.92% 7 8.93% 8 4.46% Total Fully Depreciated? Asset: Network Server Computer Equipment Class Life: 5 Basis: $1,076,900 Depreciaiton Year Rate 123456700 8 Amount Total #VALUE! Fully Depreciated? 7 $1,002,237 Depreciaiton Asset: Class Life: Basis: Office Furniture Year Rate 123456700 8 Amount Total Fully Depreciated? Asset: Class Life: Office Furniture 7 Basis: $1,002,237 Depreciaiton Year 1 234567 8 Rate Total Fully Depreciated? Total Depreciation Year 1 $ 2 3 4 5 6 S 7 $ 8 $ Amount Amount