Calculate the depreciation on Mike's Corporation assets for Year 1 using the information in the tables...

  

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Calculate the depreciation on Mike's Corporation assets for Year 1 using the information in the tables provided. Assume that Mike elected to expense $40,000 of the surveying equipment under Section 179 for year 1. Mike also elected out of all applicable bonus depreciation allowances. if any. and did not elect the straight-line method of depreciation. • In cells F2, F3, and F4 enter the appropriate MACRS basis after year one for each of the assets listed. • In cells G2. G3, and G4 calculate and enter the Yeat 1 MACRS depreciation for each asset. Calculate the total deprecation for the company in year 1 in GS. D Date Placed in Service Section 179 Year 1 MACRS Depreciation Asset Cost Life Elected MACRS Basis January 30, x1 Van $55,000 S yrs. 3. June 12. x1 Survey Equip. $180,000 7 yrs. $40,000 November 10 Computers $100,000 5 yrs. 50 Total Depreciation Calculate the depreciation on Mike's Corporation assets for Year 1 using the information in the tables provided. Assume that Mike elected to expense $40,000 of the surveying equipment under Section 179 for year 1. Mike also elected out of all applicable bonus depreciation allowances. if any. and did not elect the straight-line method of depreciation. • In cells F2, F3, and F4 enter the appropriate MACRS basis after year one for each of the assets listed. • In cells G2. G3, and G4 calculate and enter the Yeat 1 MACRS depreciation for each asset. Calculate the total deprecation for the company in year 1 in GS. D Date Placed in Service Section 179 Year 1 MACRS Depreciation Asset Cost Life Elected MACRS Basis January 30, x1 Van $55,000 S yrs. 3. June 12. x1 Survey Equip. $180,000 7 yrs. $40,000 November 10 Computers $100,000 5 yrs. 50 Total Depreciation

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