McCanless Co. recently purchased an asset for $2,550,000 that will be used in a 3-year project. The asset is in the 3-year

3 answers
Question:

McCanless Co. recently purchased an asset for $2,550,000 that will be used in a 3-year project. The asset is in the 3-year MACRS class. The depreciation percentage each year is 33.33 percent, 44.45 percent, 14.81 percent, and 7.41 percent, respectively. What is the amount of depreciation in Year 2

Answers

the depreciation expense in year 2 is $1,133,475

Explanation:

The computation of the depreciation expense in year 2 is given below:

depreciation in Year 2 is

= Asset amount × Depreciation percentage in year 2

= $2,550,000 × 44.45%

= $1,133,475

Hence, the depreciation expense in year 2 is $1,133,475

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