[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. Pop 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 Problem 10-46 Part a (Algo) 10/11 10/11 Cost Basis $ 7,200 9,200 10,000 292,000 102,000 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. Leat answer blank. Enter zero if applicable. - What is Poplock's year 1 depreciation deduction for each asset?
[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. Pop 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 Problem 10-46 Part a (Algo) 10/11 10/11 Cost Basis $ 7,200 9,200 10,000 292,000 102,000 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. Leat answer blank. Enter zero if applicable. - What is Poplock's year 1 depreciation deduction for each asset?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject: accounting

Transcribed Image Text:b. What is Poplock's year 2 depreciation deduction for each asset?
Asset
Computer equipment
Dog-grooming furniture
Pickup truck
Commercial building
Land (one acre)
Total
Depreciation
Deduction
![Problem 10-46 (LO 10-2) (Algo)
[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
Asset
Computer equipment
Dog-grooming furniture
Pickup truck
Commercial building
Land (one acre)
Total
Cost Basis
$ 7,200
9,200
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.
10,000
292,000
102,000
Problem 10-46 Part a (Algo)
a. What is Poplock's year 1 depreciation deduction for each asset?
Depreciation
Deduction](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5a8374e2-0c11-468f-938f-bf163a68d0f0%2Fb3230a29-9435-4959-9f34-fdd1e6876512%2Fiklncp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 10-46 (LO 10-2) (Algo)
[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
Asset
Computer equipment
Dog-grooming furniture
Pickup truck
Commercial building
Land (one acre)
Total
Cost Basis
$ 7,200
9,200
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.
10,000
292,000
102,000
Problem 10-46 Part a (Algo)
a. What is Poplock's year 1 depreciation deduction for each asset?
Depreciation
Deduction
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