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QUESTION
Genetic Insights Co. purchases an asset for $12,049. This asset qualifies as a seven-year recovery asset under MACRS.
Genetic Insights Co. purchases an asset for $12,049. This asset qualifies as a seven-year recovery asset under MACRS. The seven-year fixed depreciation percentages for years 1, 2, 3, 4, 5, and 6 are 14.29%, 24.49%, 17.49%, 12.49%, 8.93%, and 8.93%, respectively. Genetic Insights has a tax rate of 30%. The asset is sold at the end of six years for $4,193.
Calculate accumulated depreciation over 6 years. Round the answer to two decimals.
7 Years MACRS TableYear Rate1.00 14.29% 2.00 24.49% 3.00 17.49% 4.00 12.49% 5.00 8.93% 6.00 8.93%86.62% Cost of Asset 19,773.00 Total Depreciation at end of 6years 86.62% Total Depreciation at...