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Discuss the modified accelerated cost recovery system

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1.  Prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the Modified Accelerated Cost Recovery System. For tax purposes, assume that the computer has a useful life of five years. (The IRS schedule will spread depreciation over six years.) If required, round your answers to the nearest dollar. If an answer is zero, enter "0".

A computer was purchased on January 1 at a cost of $5,000. It has an estimated useful life of five years and an estimated salvage value of $500 and rates shown below:

1 $40,000 20.00% $8,000 $8,000 $32,000
2 40,000 32.00% 12,800 20,800 19,200
3 40,000 19.20% 7,680 28,480 11,520
4 40,000 11.52% 4,608 33,088 6,912
5 40,000 11.52% 4,608 37,696 2,304
6 40,000 5.76% 2,304 40,000 0

1. Prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the Modified Accelerated Cost Recovery System. For tax purposes, assume that the computer has a useful life of five years. (The IRS schedule will spread depreciation over six years.) If required, round your answers to the nearest dollar. If an answer is zero, enter "0".

Reference no: EM131770594

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