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 $ 7,400 9,400 10,000 294,000 104,000 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

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Problem 2-46 (LO 2-2) (Algo)
[The following information applies to the questions displayed below.]
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 2-46 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.
Asset
Computer equipment
Dog-grooming furniture
Pickup truck
Date Acquired
3/23
5/12
9/17
10/11
10/11
a. What is Poplock's year 1 depreciation deduction for each asset?
Commercial building
Land (one acre)
Total
$
Cost Basis
$ 7,400
9,400
10,000
294,000
104,000
Depreciation
Deduction
Transcribed Image Text:! Required information Problem 2-46 (LO 2-2) (Algo) [The following information applies to the questions displayed below.] 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 2-46 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. Asset Computer equipment Dog-grooming furniture Pickup truck Date Acquired 3/23 5/12 9/17 10/11 10/11 a. What is Poplock's year 1 depreciation deduction for each asset? Commercial building Land (one acre) Total $ Cost Basis $ 7,400 9,400 10,000 294,000 104,000 Depreciation Deduction
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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