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 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 $ 5,400 7,400 10,000 274,000 84,000 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. b. What is Poplock's year 1 depreciation deduction for each asset? Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Depreciation Deduction
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 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 $ 5,400 7,400 10,000 274,000 84,000 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. b. What is Poplock's year 1 depreciation deduction for each asset? Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Depreciation Deduction
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
9
![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
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
$ 5,400
7,400
10,000
274,000
84,000
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.
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)
Depreciation
Deduction](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa67d70cf-568c-4c25-b78c-f15f225576f5%2Fb5901083-bb39-4a0e-9f73-2d38839c32a4%2Fjgz74s_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
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
$ 5,400
7,400
10,000
274,000
84,000
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.
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)
Depreciation
Deduction
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