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On May 1 of the prior year, Baker purchased equipment with a five-year useful life...

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Accounting

On May 1 of the prior year, Baker purchased equipment with a five-year useful life for a cost of $10,000. Baker adopted the MACRS depreciation system and did not utilize any special depreciation deductions. On March 1 of the current year, Baker sold the equipment. The MACRS depreciation schedule for five-year property is listed below:

First year

- 20.00%

Second year

- 32.00%

Third year

- 19.20%

What amount of depreciation can Baker deduct in the current year?

$ 533

$1,600

$2,000

$3,200

Answer is 1600

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