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 Poplockbought and placed in service the following assets during the year.AssetComputer equipmentDog-grooming furniturePickup truckCommercial buildingLand (one acre)Date Acquired3/235/129/1710/1110/11AssetComputer equipmentDog-grooming furnitanPickup truckCommercial buildingLand (one acre)TotalAssuming Poplock does not elect 5179 expensing and elects not to use bonus depreciation, answer the followingquestions (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.a. What is Poplock's year 1 depreciation deduction for each asset?DepreciationDeduction$S$53Cost Basis$7,0009,00018,0001.5722.0001,66910,000290,000100,00023.231

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 Cost Basis 3/23 $7,000 5/12 9,000 9/17 10/11 10/11 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 furnitae Pickup truck Commercial building Land (one acre) Total a. What is Poplock's year 1 depreciation deduction for each asset Depreciation. Deduction $ S $ 5 3 10,000 290,000 100,000 18,000 1.572 2.000 1,669 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 Cost Basis 3/23 $7,000 5/12 9,000 9/17 10/11 10/11 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 furnitae Pickup truck Commercial building Land (one acre) Total a. What is Poplock's year 1 depreciation deduction for each asset Depreciation. Deduction $ S $ 5 3 10,000 290,000 100,000 18,000 1.572 2.000 1,669 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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a. What is Poplock's year 1 depreciation deduction for each asset? Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Total (9 $ (9) (9 $ $ Depreciation Deduction 1,840 1,600 2,000 5,440
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 Cost Asset Placed in Service Basis Computer equipment 3/23 $ 8,400 Dog-grooming furniture 5/12 10,400 Pickup truck 9/17 10,000 Commercial building 10/11 304,000 Land (one acre) 10/11 114,000 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.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) a. What is Poplock’s year 1 depreciation deduction for each asset? b. What is Poplock’s year 2 depreciation deduction for each asset?
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