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a. What is Poplock's year 1 depreciation deduction for each asset?

a. What is Poplock's year 1 depreciation deduction for each asset?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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) Problem 10-46 Part a (Algo) Assuming Poplock does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. a. What is Poplock's year 1 depreciation deduction for each asset? Answer is complete but not entirely correct. Depreciation Deduction Asset Computer equipment Dog-grooming fumiture Pickup truck Commercial building Land (one acre) Total Date Acquired Cost Basis 3/23 $9,800 5/12 11,800 9/17 10/11 10/11 $ $ $ $ $ $ 10,000 318,000 128,000 3,136 2,247 3,200 8,158 0 16,741
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) Problem 10-46 Part a (Algo) Assuming Poplock does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. a. What is Poplock's year 1 depreciation deduction for each asset? Answer is complete but not entirely correct. Depreciation Deduction Asset Computer equipment Dog-grooming fumiture Pickup truck Commercial building Land (one acre) Total Date Acquired Cost Basis 3/23 $9,800 5/12 11,800 9/17 10/11 10/11 $ $ $ $ $ $ 10,000 318,000 128,000 3,136 2,247 3,200 8,158 0 16,741
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) Problem 10-46 Part a (Algo) Assuming Poplock does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. a. What is Poplock's year 1 depreciation deduction for each asset? Answer is complete but not entirely correct. Depreciation Deduction Asset Computer equipment Dog-grooming fumiture Pickup truck Commercial building Land (one acre) Total Date Acquired Cost Basis 3/23 $9,800 5/12 11,800 9/17 10/11 10/11 $ $ $ $ $ $ 10,000 318,000 128,000 3,136 2,247 3,200 8,158 0 16,741
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) Problem 10-46 Part a (Algo) Assuming Poplock does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. a. What is Poplock's year 1 depreciation deduction for each asset? Answer is complete but not entirely correct. Depreciation Deduction Asset Computer equipment Dog-grooming fumiture Pickup truck Commercial building Land (one acre) Total Date Acquired Cost Basis 3/23 $9,800 5/12 11,800 9/17 10/11 10/11 $ $ $ $ $ $ 10,000 318,000 128,000 3,136 2,247 3,200 8,158 0 16,741
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