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) 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. Asset Date Acquired 3/23 5/12 9/17 10/11 10/11 a. What is Poplock's year 1 depreciation deduction for each asset? Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Total $ $ Cost Basis $ 9,200 11, 200 10,000 312,000 122,000 Depreciation Deduction 0

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) 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. Asset Date Acquired 3/23 5/12 9/17 10/11 10/11 a. What is Poplock's year 1 depreciation deduction for each asset? Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Total $ $ Cost Basis $ 9,200 11, 200 10,000 312,000 122,000 Depreciation Deduction 0

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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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
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Prepare the complete Depreciation and Amortisation Form 4562.
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