You purchased a $200,000 combine that will have a salvage va…

You purchased a $200,000 combine that will have a salvage value of $30,000 after years.  Calculate the annual depreciation for the first year of useful life using the declining balance method. The depreciation rate is 150% of the straight line rate.  Assume you owned the combine for the entire year.  Use 2 decimal places in your answer. Do not use $ in your answer.

You purchased a used combine for $320,000.  The combine is a…

You purchased a used combine for $320,000.  The combine is a 5-year tax class asset.  Using information in the table below, calculate the amount of tax depreciation for the 4th year of ownership Year Tax Depreciation Rate Tax Basis (end of year) 1 20.00% $256,000 2 32.00% $153,600 3 19.20% $92,160 4 11.52% $55,296 5 11.52% $18,432 6 5.76% $0.00