Assuming that the mid-quarter convention did NOT apply, the amount of depreciation he is allowed to take in the second year of the asset's life, assuming he elected NOT to take bonus depreciation in the first year is $16,000.
The accounting technique of spreading out the cost of a tangible asset over its useful life is known as depreciation. The amount of depreciation shows how much of an asset's value has been utilized. By purchasing assets over a predetermined period of time, it enables businesses to generate income from the assets they own.
Depreciation is the systematic reduction of a fixed asset's recorded cost over time, until the asset's value is zero or insignificant, according to accounting terminology. Buildings, furniture, office supplies, machinery, etc. are examples of fixed assets.
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