Problem
What is the depreciation deduction, using each of the following methods, for the second year for an asset that costs $35,000 and has an estimated MV of $7,000 at the end of its seven-year useful life? Assume its MACRS class life is also seven years.
(a) 200% DB,
(b) GDS (MACRS), and
(c) ADS (MACRS).
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.