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In 2022, Leo construction traded in a light duty pickup truck that had a book value of $18,000. A new pickup truck having a fair market value of $55,236 was acquired. Because the vendor accepted the old truck as a trade-in, a deal was agreed, and Leo construction would only pay $32,405 for the new truck.   Compute the third year depreciation (d3) for the new truck using the general depreciation system method.

In 2022, Leo construction traded in a light duty pickup truck that had a book value of $18,000. A new pickup truck having a fair market value of $55,236 was acquired. Because the vendor accepted the old truck as a trade-in, a deal was agreed, and Leo construction would only pay $32,405 for the new truck.   Compute the third year depreciation (d3) for the new truck using the general depreciation system method.

Pkg Acc Infor Systems MS VISIO CD
Pkg Acc Infor Systems MS VISIO CD
10th Edition
ISBN:9781133935940
Author:Ulric J. Gelinas
Publisher:Ulric J. Gelinas
Chapter5: Database Management System
Section: Chapter Questions
Problem 12DQ
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In 2022, Leo construction traded in a light duty pickup truck that had a book value of $18,000. A new pickup truck having a fair market value of $55,236 was acquired. Because the vendor accepted the old truck as a trade-in, a deal was agreed, and Leo construction would only pay $32,405 for the new truck.

 

Compute the third year depreciation (d3) for the new truck using the general depreciation system method.

Clas 0011 Office furniture, and equipment 00.12 Information system computer/periphen 00.22 00.341 00.25 00.40 01.11 01.21 1330 15.00 20.10 22.2 24.10 32.20 37.31 48.11 4K2 49.12 49,13 49.21 50.00 8000 Recovery 1 2 3 4 5 2=212SC2 287 14 20 At Description A tight gicternal gurtgist tracks Road can and com Intial Coton gia Canle, breeding or dairy Offre drilling and electric dis Petuning Construction a Manufacture of grain and grain mill produc Manufacture of yame, thead, and we fab Calling of her Manufacture of cemen Manufacture of whic Telephone commissandings Radio and television broadcasting equipment Electric utility clear production plant Electric vality steam pla Natural gas producti 3-Year 33.33 44.45 14.81 741 Municipal wastewaterplant Theme and amusement packets TABLE 11-3 MACRS Depreciation for Personal Property: Half-Year Convention Applicable Percentage for Property Class 10-Year Property S-Year Property Property 20.00 32.00 19.20 11.52 11.52 5.76 14.29 24.49 17.49 12.49 8.93 8.92 ADR 8.93 4.46 3 10.00 18.00 14,40 11.32 9.22 737 6.55 6.55 GOS ADD 6.55 3.28 7 15 7 5.00 9.50 8.55 7,70 6.93 623 15-Y Property 5.90⁰ 5.90 5.91 gening 5.90 591 5.90 10 591 5.90 591 2.95 24 125 30-Year Property 3.750 7.219 6.677 6.177 5.713 5.285 4.888 4.522 4.461 4.462 4.461 4.462 4.461 4.461 4.462 4.461 4.462 4.461 2.231
Transcribed Image Text:Clas 0011 Office furniture, and equipment 00.12 Information system computer/periphen 00.22 00.341 00.25 00.40 01.11 01.21 1330 15.00 20.10 22.2 24.10 32.20 37.31 48.11 4K2 49.12 49,13 49.21 50.00 8000 Recovery 1 2 3 4 5 2=212SC2 287 14 20 At Description A tight gicternal gurtgist tracks Road can and com Intial Coton gia Canle, breeding or dairy Offre drilling and electric dis Petuning Construction a Manufacture of grain and grain mill produc Manufacture of yame, thead, and we fab Calling of her Manufacture of cemen Manufacture of whic Telephone commissandings Radio and television broadcasting equipment Electric utility clear production plant Electric vality steam pla Natural gas producti 3-Year 33.33 44.45 14.81 741 Municipal wastewaterplant Theme and amusement packets TABLE 11-3 MACRS Depreciation for Personal Property: Half-Year Convention Applicable Percentage for Property Class 10-Year Property S-Year Property Property 20.00 32.00 19.20 11.52 11.52 5.76 14.29 24.49 17.49 12.49 8.93 8.92 ADR 8.93 4.46 3 10.00 18.00 14,40 11.32 9.22 737 6.55 6.55 GOS ADD 6.55 3.28 7 15 7 5.00 9.50 8.55 7,70 6.93 623 15-Y Property 5.90⁰ 5.90 5.91 gening 5.90 591 5.90 10 591 5.90 591 2.95 24 125 30-Year Property 3.750 7.219 6.677 6.177 5.713 5.285 4.888 4.522 4.461 4.462 4.461 4.462 4.461 4.461 4.462 4.461 4.462 4.461 2.231
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