Genetic Insights Co purchases an asset for $17,113. This asset qualifies as a se

Question

Genetic Insights Co purchases an asset for $17,113. 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%, 1749%, 12.49%, &93% and 8.93%, respectively. Genetic Insights has a tax rate of 30%. The asset is sold at the end of six years for S4202. Calculate accumulated depreciation over 6 years. Round the answer to two decimals Your Answer Answer Save Page 1 of 10 Next Page Save All Responses Go to Submit Quiz

Explanation / Answer

Accumulated depreciation=$17113(0.1429+0.2449+0.1749+0.1249+0.0893+0.893)

=17113*0.8662

which is equal to

=$14823.28(Approx)

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