Question: Please help me with the solving the problem: Basis Adjustment Table Depreciation Table Problem 9-22 (Algorithmic) (LO. 2) On July 1, 2017, Brent purchases a

Please help me with the solving the problem:

Please help me with the solving the problem: Basis Adjustment Table Depreciation

Basis Adjustment Table

Table Problem 9-22 (Algorithmic) (LO. 2) On July 1, 2017, Brent purchases

Depreciation Table

a new automobile for $56,500. He uses the car 92% for business

Problem 9-22 (Algorithmic) (LO. 2) On July 1, 2017, Brent purchases a new automobile for $56,500. He uses the car 92% for business and drives the car as follows: 9,000 miles in 2017, 22,500 miles in 2018, 25,200 miles in 2019, and 18,000 miles in 2020. Determine Brent's basis in the business portion of the auto as of January 1, 2021, under the following assumptions: If required, round your computations to the nearest dollar. a. Brent uses the automatic mileage method. Compute his basis adjustments for depreciation for each year. Click here to access the basis adjustment table. 2017: $ 2018: 2019: TA 2020: Brent's adjusted basis in the auto on January 1, 2021, is s b. Brent uses the actual cost method. [Assume that no 179 expensing is claimed and that 200% declining-balance cost recovery with the half-year convention is used. The recovery limitation for an auto placed in service in 2017 is as follows: $3,160 (first year), $5,100 (second year), $3,050 (third year), and $1,875 (fourth year).] Compute his depreciation deductions for year. Click here to access the depreciation table. 2017: $ 2018: $ 2019: $ 2020: $ Brent's adjusted basis in the auto on January 1, 2021, is $ Year 2021 2020 2019 2018 2017 Rate per Mile 26 cents 27 cents 26 cents 25 cents 25 cents Year Nm in 6 Exhibit 8.3 MACRS Accelerated Depreciation for Personal Property Assuming Half-Year Convention (Percentage Rates) For Property Placed in Service after December 31, 1986 Recovery 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year (200% DB) (200% DB) (200% DB) (200% DB) (150% DB) (150% DB) 1 33.33 20.00 14.29 10.00 5.00 3.750 2 44.45 32.00 24.49 18.00 9.50 7.219 14.81* 19.20 17.49 14.40 8.55 6.677 4 7.41 11.52* 12.49 11.52 7.70 6.177 5 11.52 8.93* 9.22 6.93 5.713 5.76 8.92 7.37 6.23 5.285 7 8.93 6.55* 5.90* 4.888 8 4.46 6.55 5.90 4.522 9 6.56 5.91 4.462* 6.55 5.90 4.461 11 3.28 5.91 4.462 12 5.90 4.461 13 5.91 4.462 14 5.90 4.461 15 5.91 4.40 16 2.95 4.461 17 4.462 4.461 19 4.462 4.461 21 2.231 10 18 20 *Switchover to straight-line depreciation

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