Assume Farmer Fiona bought a new compact track loader (CTL) and placed it in service March...
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Assume Farmer Fiona bought a new compact track loader (CTL) and placed it in service March 30, 2019. Total cost for the CTL was $45,000. She estimates that the useful life of this item will be 5 years and will have a salvage value of $5,000. Calculate the first year depreciation for this item (the amount for 2019) and the book value of this item as of December 31, 2019. Use the Straight Line Method. What would the last year's annual depreciation be for this asset? Lastly, how many years will it take to fully depreciate this item? Assume Farmer Fiona bought a new compact track loader (CTL) and placed it in service March 30, 2019. Total cost for the CTL was $45,000. She estimates that the useful life of this item will be 5 years and will have a salvage value of $5,000. Calculate the first year depreciation for this item (the amount for 2019) and the book value of this item as of December 31, 2019. Use the Straight Line Method. What would the last year's annual depreciation be for this asset? Lastly, how many years will it take to fully depreciate this item?
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Calculation of Depreciation for Year 2019 Depreciation as per SLM Cost Salvage valueUs... View the full answer
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Posted Date:
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