Final answer:
For an asset purchased on February 8th, typically 11 months of depreciation would be taken in the first year, as the asset is in service from part of February through December. The exact amount may vary depending on the depreciation method and any specific accounting or tax conventions applied.
Step-by-step explanation:
When calculating partial-year depreciation for an asset that is purchased partway through the year, you would determine the amount of depreciation for the number of months the asset was in use during the first year. If an asset is purchased on February 8th, it is in use for part of February and then for the full months from March through December. This means that for the year of purchase, you would typically take 11 months' depreciation, assuming that the asset was placed into service immediately upon purchase and that the accounting period closes at the end of December. Various methods can be used for calculating depreciation, such as straight-line, double-declining balance, or units of production.
However, for simple straight-line depreciation, the amount of expense recognized each month would be equal. Thus, having the asset for 11 months in the first year would lead to depreciating 11/12 of the annual depreciation expense. It is important to note that different accounting standards or tax regulations might specify certain conventions, such as half-year or mid-quarter, which affects the calculation. The choice of convention can impact the number of months of depreciation taken in the first and last year of the asset's life for tax purposes.