Is Fixed Assets calculating bonus depreciation correctly in the two scenarios listed below?
Summary:
Content (please ensure you mask any confidential information):
Scenario #1
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Cost: $1000
Life in years: 5
Bonus rule rate: 80%
In Service Date: 03-15-2024
Effective Period: P2-2024
Entered Period: P6-2024
Depreciation run for P6-2024
Bonus rate calculation = ($1000 x 80%) / 12 = $66.66
$66.66 x 5 accounting periods = $333.35
***The application did not calculate bonus depreciation for the first accounting period of the fiscal year (P1-2024) because the In Service Date fell in the second accounting period of the fiscal year (P2-2024).
Scenario #2
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Cost: $1000
Life in years: 5
Bonus rule rate: 80%
In Service Date: 07-04-2023
Effective Period: P6-2023
Entered Period: P6-2024
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