zach's business is currently in the fourth year of depreciating office furniture (7-year property) with an original basis of $24,000 placed in service during the first quarter, under the mid-quarter convention. if this asset is disposed of on october 1st of the current year what is zach's depreciation expense for the current year, rounded to the nearest whole number?

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20-12-2022
Business

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zach's business is currently in the fourth year of depreciating office furniture (7-year property) with an original basis of $24,000 placed in service during the first quarter, under the mid-quarter convention. if this asset is disposed of on october 1st of the current year what is zach's depreciation expense for the current year, rounded to the nearest whole number?

Answer :

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Anshuyadav Anshuyadav · Answer 1 · 2022-12-27T02:34:35-05:00

Zach's depreciation expense for the current year is $3,000

The term depreciation expanse in statistics refers an annual allowance given to a trade or business for exhaustion, wear and tear, and normal obsolescence of assets.

Here we have given that zach's business is currently in the fourth year of depreciating office furniture (7-year property) with an original basis of $24,000 placed in service during the first quarter, under the mid-quarter convention.

And we need to find the Zach's depreciation expense for the current year.

While we looking into the given details we know that the fourth year of depreciating office furniture with an original basis of $24,000 placed in service during the first quarter, under the mid-quarter convention.

Original cost = $24,000

Life span = 7 year

Then the depreciation amount is calculated as,

=> (24000 - 3000)/7

=> 3000

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