Once the objective is selected, it should be well communicated to the top management because with its support only, The changes can be made in the organization.
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Answer:
Only Office furniture $4,000 should be reported as the cost basis for MACRS seven-year property by Seafood Inc.
Explanation:
Modified Accelerated Cost Recovery System (MACRS) refers to the US depreciation system under which there is a specific asset group with designated period of depreciation into which fixed assets are placed.
There is a depreciation table for all classes of assets which has been published by the Internal Revenue Service and MACRS seven-year property is one of these classes.
MACRS seven-year property implies that each of the assets under this class has seven years useful life, and assets under this class are office furniture and fixtures, agricultural machinery and equipment, natural gas gathering lines, and any asset not assigned to another class.
From the above therefore, only Office furniture $4,000 should be reported as the cost basis for MACRS seven-year property by Seafood Inc.
very much indeed. thanks for the points