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The bookkeeper for the Martel Company is computing depreciation for income tax purposes, using the figures from the MACRS tables supplied by the IRS. The equipment being depreciated had a cost of $16,000 and falls under the class of equipment to be depreciated at a rate of 25% for the first year and 21.43% for the second year. The equipment was purchased and put into use during the first quarter. Compute the amount of depreciation expense for the first year.
On Jun 10, 2024