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 Date Acquired Cost Basis Computer equipment 3/23 $ 5,800 Dog-grooming furniture 5/12 7,800 Pickup truck 9/17 10,000 Commercial building Land (one acre) 10/11 10/11 278,000 88,000 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.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Problem 10-46 Part a (Algo) a. What is Poplock's year 1 depreciation deduction for each asset? Answer is complete but not entirely correct. Depreciation Asset Deduction Computer equipment $ 2,030 Dog grooming furniture $ 1,392 Pickup truck $ 1,500 × Commercial building $ 7,128 × Land $ 0 Total $ 12,050

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 Date Acquired Cost Basis Computer equipment 3/23 $ 5,800 Dog-grooming furniture 5/12 7,800 Pickup truck 9/17 10,000 Commercial building Land (one acre) 10/11 10/11 278,000 88,000 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.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) Problem 10-46 Part a (Algo) a. What is Poplock's year 1 depreciation deduction for each asset? Answer is complete but not entirely correct. Depreciation Asset Deduction Computer equipment $ 2,030 Dog grooming furniture $ 1,392 Pickup truck $ 1,500 × Commercial building $ 7,128 × Land $ 0 Total $ 12,050

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
Required information [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: Date Cost Asset Placed in Service Basis Computer equipment 3/23 $ 8,400 Dog-grooming furniture 5/12 10,400 Pickup truck 9/17 10,000 Commercial building 10/11 304,000 Land (one acre) 10/11 114,000 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.) (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? b. What is Poplock’s year 2 depreciation deduction for each asset?
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