1. Prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and b

1. Prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the Modified Accelerated Cost Recovery System. For tax purposes, assume that the computer has a useful life of five years. (The IRS schedule will spread depreciation over six years.) If required, round your answers to the nearest dollar. If an answer is zero, enter “0”.A computer was purchased on January 1 at a cost of $5,000. It has an estimated useful life of five years and an estimated salvage value of $500 and rates shown below:1$40,00020.00%$8,000$8,000$32,000240,00032.00%12,80020,80019,200340,00019.20%7,68028,48011,520440,00011.52%4,60833,0886,912540,00011.52%4,60837,6962,304640,0005.76%2,30440,00001.. Prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the Modified Accelerated Cost Recovery System. For tax purposes, assume that the computer has a useful life of five years. (The IRS schedule will spread depreciation over six years.) If required, round your answers to the nearest dollar. If an answer is zero, enter “0”.ComputerDepreciation ScheduleOn January 1YearCost xRate (%) =Depreciation ExpenseAccumulatedDepreciationEnd of YearBook ValueEnd of Year1$$$$234

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