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 Acquired Cost Basis 3/23 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 5/12 9/17 18/11 10/11 $7,000 9,000 10,000 100,000
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 Acquired Cost Basis 3/23 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 5/12 9/17 18/11 10/11 $7,000 9,000 10,000 100,000
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing
Section: Chapter Questions
Problem 7Q
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Hansaben
Don't upload image please
![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:
Asset
Computer equipment
Dog-grooming furniture
Pickup truck
Commercial building
Land (one acre)
Assuming Poplock does not elect 5179 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 fumiture
Pickup truck
Commercial building
Land (one acre)
Total
Date Acquired
3/23
5/12
9/17
10/11
10/11
b. What is Poplock's year 2 depreciation deduction for each asset?
$
5
$
S
$
Depreciation
Deduction
Cost Basis
$7,000
9,000
10,000
290,000
100,000
2.000
2.694
3,200
7,948
16,722](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe3c133fb-0100-4fd5-801c-204b7e4789d3%2F1087ae50-6a3f-4e4e-b205-6a3939ce9f51%2Fqdjyden_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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:
Asset
Computer equipment
Dog-grooming furniture
Pickup truck
Commercial building
Land (one acre)
Assuming Poplock does not elect 5179 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 fumiture
Pickup truck
Commercial building
Land (one acre)
Total
Date Acquired
3/23
5/12
9/17
10/11
10/11
b. What is Poplock's year 2 depreciation deduction for each asset?
$
5
$
S
$
Depreciation
Deduction
Cost Basis
$7,000
9,000
10,000
290,000
100,000
2.000
2.694
3,200
7,948
16,722
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