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Reversing Rapids Co. purchases an asset for $117,940. This asset qua.pdf

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Reversing Rapids Co. purchases an asset for $117,940. This asset qualifies as a five-year recovery asset under MACRS. The five-year expense percentages for years 1, 2, 3, and 4 are 20.00%, 32.00%, 19.20%, and 11.52% respectively. Reversing Rapids has a tax rate of 30%. The asset is sold at the end of four years for $13,334. Calculate tax credit on disposal. (The answer should be entered as positive value). Round the answer to two decimals. Solution Total depreciation (%) = 20 + 32 + 19.2 + 11.52 = 82.72% Total Depreciation = 82.72% * 117940 = $97559.97 Value at the end of 4 years = $20,380.03 Sale Value at the end of 4 years = 13,334 Loss on sale = 20,380.03 - 13,334 = $7046.03 Tax Credit on disposal = Loss on sale * Tax Rate = 7046.03 * 30% = $2113.81.

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Reversing Rapids Co. purchases an asset for $117,940. This asset qualifies as a five-year recovery asset under MACRS. The five-year expense percentages for years 1, 2, 3, and 4 are 20.00%, 32.00%, 19.20%, and 11.52% respectively. Reversing Rapids has a tax rate of 30%. The asset is sold at the end of four years for $13,334. Calculate tax credit on disposal. (The answer should be entered as positive value). Round the answer to two decimals. Solution Total depreciation (%) = 20 + 32 + 19.2 + 11.52 = 82.72% Total Depreciation = 82.72% * 117940 = $97559.97 Value at the end of 4 years = $20,380.03 Sale Value at the end of 4 years = 13,334 Loss on sale = 20,380.03 - 13,334 = $7046.03 Tax Credit on disposal = Loss on sale * Tax Rate = 7046.03 * 30% = $2113.81

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  • 1. Reversing Rapids Co. purchases an asset for $117,940. This asset qualifies as a five-year recovery asset under MACRS. The five-year expense percentages for years 1, 2, 3, and 4 are 20.00%, 32.00%, 19.20%, and 11.52% respectively. Reversing Rapids has a tax rate of 30%. The asset is sold at the end of four years for $13,334. Calculate tax credit on disposal. (The answer should be entered as positive value). Round the answer to two decimals. Solution Total depreciation (%) = 20 + 32 + 19.2 + 11.52 = 82.72% Total Depreciation = 82.72% * 117940 = $97559.97 Value at the end of 4 years = $20,380.03 Sale Value at the end of 4 years = 13,334 Loss on sale = 20,380.03 - 13,334 = $7046.03 Tax Credit on disposal = Loss on sale * Tax Rate = 7046.03 * 30% = $2113.81