On June 1, 2018, Cork Oak Corporation purchased a passenger automobile for 100 percent use in its business. The auto, with a cost basis of $22,000, has a 5-year recovery period.. How much depreciation should be taken for 2018, assuming Cork Oak Corporation uses the accelerated depreciation method under MACRS but does not choose to make the election to expense or take bonus depreciation?

Answer rating: 100% (QA)

Calculation of depreciation under MACRS depreciation method The formula for calculating MACRS Depreciation is as follows Cost of the assets Depreciation rate To calculate depreciation using MACRS we n... View the full answer