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) Date Acquired 3/23 5/12 9/17 Asset Computer equipment Dog-grooming fumitare Pickup truck Commercial building Land (one acre) Total 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. 10/11 10/11 a. What is Poplock's year 1 depreciation deduction for each asset? Depreciation Deduction $ S $ S 3 Cost Basis $7,000 18,000 1.572 2.000 1,669 9,000 10,000 290,000 100,000 23,231
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) Date Acquired 3/23 5/12 9/17 Asset Computer equipment Dog-grooming fumitare Pickup truck Commercial building Land (one acre) Total 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. 10/11 10/11 a. What is Poplock's year 1 depreciation deduction for each asset? Depreciation Deduction $ S $ S 3 Cost Basis $7,000 18,000 1.572 2.000 1,669 9,000 10,000 290,000 100,000 23,231
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Munabhai
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)
Date Acquired
3/23
5/12
9/17
10/11
10/11
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 furnitare
Pickup truck
a. What is Poplock's year 1 depreciation deduction for each asset?
Depreciation
Deduction
Commercial building
Land (one acre)
Total
$
S
$
S
3
Cost Basis
$7,000
9,000
10,000
290,000
100,000
18,000
1.572
2.000
1,669
23,231](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe82207f9-a2df-463f-9b32-df4093a18901%2F8d10ebfe-be55-4d3f-8944-4bbf3f97fa4a%2Fxtce11_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)
Date Acquired
3/23
5/12
9/17
10/11
10/11
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 furnitare
Pickup truck
a. What is Poplock's year 1 depreciation deduction for each asset?
Depreciation
Deduction
Commercial building
Land (one acre)
Total
$
S
$
S
3
Cost Basis
$7,000
9,000
10,000
290,000
100,000
18,000
1.572
2.000
1,669
23,231
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