a. What is Poplock's year 1 depreciation deduction for each asset? Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Total (9 $ (9) (9 $ $ Depreciation Deduction 1,840 1,600 2,000 5,440 At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplock bought and placed in service the following assets during the year: Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Date Acquired 3/23 5/12 9/17 10/11 10/11 Cost Basis $ 9,200 11, 200 10,000 312,000 122,000 Assuming Poolock does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions:
a. What is Poplock's year 1 depreciation deduction for each asset? Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Total (9 $ (9) (9 $ $ Depreciation Deduction 1,840 1,600 2,000 5,440 At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplock bought and placed in service the following assets during the year: Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Date Acquired 3/23 5/12 9/17 10/11 10/11 Cost Basis $ 9,200 11, 200 10,000 312,000 122,000 Assuming Poolock does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:a. What is Poplock's year 1 depreciation deduction for each asset?
Asset
Computer equipment
Dog-grooming furniture
Pickup truck
Commercial building
Land (one acre)
Total
(9
$
(9)
(9
$
$
Depreciation
Deduction
1,840
1,600
2,000
5,440
Transcribed Image Text:At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplock
bought and placed in service the following assets during the year:
Asset
Computer equipment
Dog-grooming furniture
Pickup truck
Commercial building
Land (one acre)
Date Acquired
3/23
5/12
9/17
10/11
10/11
Cost Basis
$ 9,200
11, 200
10,000
312,000
122,000
Assuming Poolock does not elect §179 expensing and elects not to use bonus depreciation, answer the following
questions:
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