Answer Happy

In 2021, Whitman Corporation purchases two assets and places them into service (both have 7-year MACRS recovery period): i (Click the icon to view the assets.) Whitman elects $1.05 million under Sec. 179 and elects out of bonus depreciation. (Click the icon to view the MACRS mid-quarter convention rates for property placed in service in the first quarter.) (Click the icon to view the MACRS mid-quarter convention rates for property placed in service in the fourth quarter.) (Click the icon to view the MACRS half-year convention rates.) Read the requirements. () Requirement a. Compute Whitman's total depreciation deduction for 2021 if it elects the $1.05 million for Asset #1. (Enter amounts in whole dollars. Use MACRS rates to three decimal places, X.XXX%. Round the MACRS depreciation to the nearest dollar. Complete all input fields. Enter a "0" if no Sec. 179 deduction is taken.) Total for both Assets Asset #2 X More info Sec. 179 expensing Asset #1 1,050,000 52,500 1,102,500 0| 44,268 44.268 1,050,000 96,768 MACRS depreciation Total 2021 depreciation 1146768 Asset #1: $1,120,000 cost; placed in service in February. Asset # 2: $1,230,000 cost; placed in service in November. Round the MACRS depreciation to the nearest dollar. Complete all input fields. Requirement b. Compute Whitman's total depreciation deduction for 2021 if it elects the $1.05 million for Asset #2. (E Enter a "0" if no Sec. 179 deduction is taken.) Total for both Assets Asset #1 Asset #2 Print Done Sec. 179 expensing MACRS depreciation Total 2021 depreciation
Reference General Depreciation System--MACRS Personal Property Placed in Service After 12/31/86 Applicable Convention: Mid-Quarter (Property Placed in Service in First Quarter) Applicable Depreciation Method: 200 or 150 Percent Declining Balance Switching to Straight Line Recovery period and Depreciation Rates Recovery Year 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 58.33 27.78 12.35 1.54 35.00 26.00 15.60 11.01 11.01 1.38 25.00 21.43 15.31 10.93 8.75 8.74 8.75 1.09 17.50 16.50 13.20 10.56 8.45 6.76 6.55 6.55 6.56 6.55 0.82 8.75 9.13 8.21 7.39 6.65 5.99 5.90 5.91 5.90 5.91 5.90 5.91 5.90 5.91 5.90 0.74 6.563 7.000 6.482 5.996 5.546 5.130 4.746 4.459 4.459 4.459 4.459 4.460 4.459 4.460 4.459 4.460 4.459 4.460 4.459 4.460 - X Reference General Depreciation System-MACRS Personal Property Placed in Service After 12/31/86 Applicable Convention: Mid-Quarter (Property Placed in Service in Fourth Quarter) Applicable Depreciation Method: 200 or 150 Percent Declining Balance Switching to Straight Line Recovery period and Depreciation Rates Recovery Year 3-Year 20-Year 10-Year 15-Year 2.50 1.25 Year 1 0.938 5-Year 7-Year 5.00 3.57 38.00 27.55 19.68 Year 2 19.50 9.88 7.430 Year 3 22.80 15.60 8.89 6.872 Year 4 13.68 12.48 8.00 6.357 14.06 10.04 Year 5 10.94 9.98 7.20 5.880 Year 6 9.58 8.73 7.99 6.48 5.439 Year 7 8.73 6.55 5.90 5.031 Year 8 7.64 6.55 5.90 4.654 Year 9 6.56 5.90 4.458 Year 10 6.55 5.91 4.458 Year 11 5.74 5.90 4.458 Year 12 5.91 4.458 Year 13 5.90 4.458 Year 14 5.91 4.458 Year 15 5.90 4.458 Year 16 5.17 4.458 Year 17 4.458 Year 18 4.459 Year 19 4.458 Year 20 4.459 8.33 61.11 20.37 10.19
orporation purchases two assets and places them into service (both have 7-year MACRS recovery period): o view the assets.) 5 million under Sec. 179 and elects out of bonus depreciation. view the MACRS mid-quarter convention rates for property placed in service in the first quarter.) view the MACRS mid-quarter convention rates for property placed in service in the fourth quarter.) view the MACRS half-year convention rates.) nts. - X Requirements mpute 179 d Compute Whitman's total depreciation deduction for 2021 under each of the following assumptions: J a. Whitman elects the $1.05 million for Asset #1. b. Whitman elects the $1.05 million for Asset #2. on Print Done tion mpute 179 d 3 on tion Reference Personal Property Placed in Service After 12/31/86 Applicable Convention: Half-Year Applicable Depreciation Method: 200 or 150 Percent Declining Balance Switching to Straight Line Recovery period and Depreciation Rates Recovery Year 5-Year 7-Year 10-Year 15-Year 20-Year 3-Year 33.33 10.00 44.45 18.00 14.81 14.40 7.41 11.52 9.22 7.37 6.55 6.55 6.56 6.55 3.28 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 20.00 32.00 19.20 11.52 11.52 5.76 Print 14.29 24.49 17.49 12.49 8.93 8.92 8.93 4.46 Done 5.00 9.50 8.55 7.70 6.93 6.23 5.90 5.90 5.91 5.90 5.91 5.90 5.91 5.90 5.91 2.95 3.750 7.219 6.677 6.177 5.713 5.285 4.888 4.522 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 4.462 4.461 2.231 - X do Idc