! Required information Problem 10-46 (LO 10-2) (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 Date Acquired Computer equipment 3/23 Dog-grooming furniture 5/12 Pickup truck 9/17 Commercial building 10/11 Land (one acre) 10/11 Cost Basis $ 5,200 7,200 10,200 272,000 82,000 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. Problem 10-46 Part a (Algo) a. What is Poplock's year 1 depreciation deduction for each asset? Depreciation Deduction Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Total $ 0

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Problem 10-46 (LO 10-2) (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
Date Acquired
Computer equipment
3/23
Dog-grooming furniture
5/12
Pickup truck
9/17
Commercial building
10/11
Land (one acre)
10/11
Cost Basis
$ 5,200
7,200
10,200
272,000
82,000
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.
Problem 10-46 Part a (Algo)
a. What is Poplock's year 1 depreciation deduction for each asset?
Depreciation
Deduction
Asset
Computer equipment
Dog-grooming furniture
Pickup truck
Commercial building
Land (one acre)
Total
$
0
Transcribed Image Text:! Required information Problem 10-46 (LO 10-2) (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 Date Acquired Computer equipment 3/23 Dog-grooming furniture 5/12 Pickup truck 9/17 Commercial building 10/11 Land (one acre) 10/11 Cost Basis $ 5,200 7,200 10,200 272,000 82,000 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. Problem 10-46 Part a (Algo) a. What is Poplock's year 1 depreciation deduction for each asset? Depreciation Deduction Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Total $ 0
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