QUESTION 1 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 Office furniture Truck Land 3/1 5/10 9/12 10/1 Recovery period (yrs) 7 10 9,800 11,800 10,000 128,000 Assuming Poplock does not elect $179 expensing and elects not to use bonus depreciation, answer the following questions: (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount Leave no answer blank. Enter zero if applicable) What is the total depreciation amount for the 1st year?
QUESTION 1 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 Office furniture Truck Land 3/1 5/10 9/12 10/1 Recovery period (yrs) 7 10 9,800 11,800 10,000 128,000 Assuming Poplock does not elect $179 expensing and elects not to use bonus depreciation, answer the following questions: (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount Leave no answer blank. Enter zero if applicable) What is the total depreciation amount for the 1st year?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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tax question. 1 and 2 are connected, thank you!
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Transcribed Image Text:QUESTION 1
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
Computer equipment
Office furniture
Truck
Land
3/1
5/10
9/12
10/1
Recovery period
(yrs)
7
5
10
Cost basis
9,800
11,800
10,000
128,000
Assuming Poplock does not elect $179 expensing and elects not to use bonus depreciation, answer the following questions: (Do not round
intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.)
What is the total depreciation amount for the 1st year?
Transcribed Image Text:QUESTION 2
What is Poplock's year 2 depreciation deduction for each asset?
Computer equipment
Office furniture
Truck
Land
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