A company purchased an asset for $3,200,000 that will be used in a 3-year project. The asset is in the 3-year MACRS class. The depreciation percentage each year is 33.33 percent, 44.45 percent, and 14.81 percent, respectively. What is the book value of the equipment at the end of the project

$237,120

Explanation:

year     depreciation %            depreciation expense         book value

1                   33.33%                    $1,066,560                        $2,133,440

2                  44.45%                    $1,422,400                        $711,040

3                  14.81%                      $473,920                           $237,120

the book value at the end of the project's life = $237,120, which is equivalent to 7.41% (the fourth year according to MACRS depreciation)

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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