Question: Can someone just explain to me why we use these numbers? this is based on 2020 tax rules. Straight LIM 5x2 Example: A self-employed taxpayer

Can someone just explain to me why we use these numbers? thisCan someone just explain to me why we use these numbers? this is based on 2020 tax rules.

Straight LIM 5x2 Example: A self-employed taxpayer purchased the following business assets during the year - Date Asset Cost 4/23 Computer $2,670 6/1 Office Building $286,210 9/15 Equipment $43,950 Caza sidra Calculate depreciation expense for the current year. Comp. ear > Half year 200% 1 408 * 6/128 2670=534 sanega aldi bat computer =534 Equip = 6290 Buiding as 3731 svanoti pod balcielesno tenibodi naitalangat Calculate depreciation expense assuming the equipment was purchased on October 15th All other information remains unchanged. computer Syr 20 286,210X 01391 - 3,981 equip 43,950 X. 1429 = 6,280 2670x 25% 668 4390x3.57%=1569 43,950 94 26 70 + 43,950) (mid quarter) liselu Tyr 4Q , MQ regired) Building = 37 or of Straight LIM 5x2 Example: A self-employed taxpayer purchased the following business assets during the year - Date Asset Cost 4/23 Computer $2,670 6/1 Office Building $286,210 9/15 Equipment $43,950 Caza sidra Calculate depreciation expense for the current year. Comp. ear > Half year 200% 1 408 * 6/128 2670=534 sanega aldi bat computer =534 Equip = 6290 Buiding as 3731 svanoti pod balcielesno tenibodi naitalangat Calculate depreciation expense assuming the equipment was purchased on October 15th All other information remains unchanged. computer Syr 20 286,210X 01391 - 3,981 equip 43,950 X. 1429 = 6,280 2670x 25% 668 4390x3.57%=1569 43,950 94 26 70 + 43,950) (mid quarter) liselu Tyr 4Q , MQ regired) Building = 37 or of

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

To calculate depreciation expense for the assets purchased we use different methods based on the typ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!