Ace Corporation has bought the Dodge Intrepid for $24,975 with the residual value of $10,500. Vehicle will be utilized by information systems manager to call on stores. Vehicle is utilized 80% for business and rest for personal use. Using modified accelerated cost recovery system (MACRS), how much Ace Corporation deducted for depreciation during first year?
Ray Kunz, owner of Ray's Auto Service, bought the Corvette convertible listed in Edmunds Buyer's Guide at $46,605 with the residual value of $24,235. Ray uses Corvette in his business. Life expectancy is five years. Using declining-balanced method, what would depreciation expense be first year?
In January 2001, Irene Baldus bought the warehouse (nonresidential real property) in La Porte, Indiana, for $200,000. Using Business Math Handbook, Find allowable depreciation be each year?