ACCT 355 Spring 2018

Depreciation Assignment (Assignment 4) Worth 10 points

Due Monday, March 26 at 2:30 pm

Bring paper copy to class

We will go over the calculations in class the day it is due so no late assignments accepted.

There will be no review prior to submission.

Show your work in a neat and well-organized manner.

Calculate depreciation for the following assets for 2017 (Taxpayer does not elect immediate expensing under 179 or bonus depreciation):

TYPE OF ASSET	ACQUISITION DATE	COST	CURRENT YEAR DEPRECIATION
5-year personal property	5/4/2017	330,000
5-year personal property	8/6/2016	250,000
7-year personal property	2/13/2014	620,000
residential real property	7/10/2012	11,000,000
nonresidential real property	1/14/1993	15,000,000
nonresidential real property	3/22/2017	20,000,000

Calculate Current year depreciation.