Question: Exercise 8-25 (Algorithmic) (LO. 4) On April 5, 2022, Kinsey places in service a new automobile that cost $56,750. He does not elect 179 expensing,

Exercise 8-25 (Algorithmic) (LO. 4)

On April 5, 2022, Kinsey places in service a new automobile that cost $56,750. He does not elect 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 65% for business and 35% for personal use in each tax year. Kinsey chooses the MACRS 200% declining-balance method of cost recovery (the auto is a 5-year asset).

Click here to access the depreciation table to use for this problem.

Assume the following luxury automobile limitations: year 1: $10,200; year 2: $16,400. If required, round your final answers to the nearest dollar.

Compute the total depreciation allowed for:

2022:$fill in the blank 12023:$fill in the blank 2

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