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 Cost Basis $ 6,800 8,800 10,000 288,000 98,000 3/23 5/12 9/17 10/11 10/11 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.
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 Cost Basis $ 6,800 8,800 10,000 288,000 98,000 3/23 5/12 9/17 10/11 10/11 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
What is Poplock's year 1
What is Poplock's year 2 depreciation deduction for each asset?
Please avoid solutions image based thanx
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
$ 6,800
8,800
10,000
288,000
98,000
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.
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