In: Finance
1. A truck is purchased 3/1/19 for $10,000; a machine is purchased 7/1/19 for $20,000; and office furniture is purchased 10/1/19 for $5,000. No other assets are placed in service during the year. No 179 or additional depreciation is elected.
What is the proper convention? [ Select ] ["mid quarter", "half year", "mid month"]
The depreciation for the truck for 2109 is [ Select ] ["2,000", "1,429", "3,500", "1,500"]
The depreciation for the machine for 2019 is [ Select ] ["4,000", "2,142", "7,000", "2,858"]
2. A truck is placed in service 5/1/19 with a cost of $5,000 and a machine is placed in service 10/1/19 with a cost of $20,000. No other assets are placed in service during the year. No 179 or additional depreciation is elected.
What is the proper convention? [ Select ] ["mid quarter", "half year", "mid month", ""]
The depreciation for the truck for 2019 is: [ Select ] ["5,000", "1,000", "1,250", "50"]
1) The proper convention should be half yearly. The depreciation for the truck is $2000 and for the machine is $4000.
2) The proper convention is half yearly. The depreciation for the truck is $1000.