On January 1, 2020, Sheridan Company purchased a machine costing $344000. The machine is in the MACRS 5-year recovery class for tax purposes and has an estimated $75000 salvage value at the end of its economic life. It's based on half year convention. Assuming the company uses the general MACRS approach, the amount of MACRS deduction for tax purposes for the year 2020 is:

$68,800

Explanation:

Generally, under the General Depreciation System (GDS) MACRS we use the half-year convention and the depreciation rates are:

year       depreciation %

1                   20%

2                  32%

3                  19.20%

4                  11.52%

5                  11.52%

6                  5.76%

When using MACRS, you do not consider any salvage value.

Depreciation expense 2020 = $344,000 x 20% = $68,800

The mid-quarter convention can be used only if 40% of total depreciable assets were purchased during the last 3 months of the year, but not when you purchase them during the first months.

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