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

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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