The following financial information applied to your company for 2018:
• sales revenues, $4,350,000 • labor and materials, $970,000
• depreciation for existing assets purchased prior to 2018, $80,000
• on january 5, 2018, you purchased $130,000 of equipment classified as 5-year macrs assets
• on september 23, 2018, you purchased $210,000 of equipment classified as 7-year macrs assets

a) calculate the total depreciation expenses allowed in 2018.
b) calculate the taxes your company owes for 2018 and your net income for 2018.

a) fiscal-year depreciation 136,009

b) fiscal year taxable income 3,243,991

Explanation:

fiscal-year depreciation:

The MACRS (Modified Accelerated Cost Recovery System) always use alf-year convention

for the 5-year class:

130,000 x 20% = 26,000

for the 7-years class:

210,000 x 14.29% = 30,009

previous year assets: 80,000

total depreciation:     136.009

taxale income:

sales revenues              4,350,000

operating expense         (970,000)

depreciaiton expense   (136, 009)  

net income:                    3,243,991

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