Subject: accounting b. What is Poplock's year 2 depreciation deduction for each asset?AssetComputer equipmentDog-grooming furniturePickup truckCommercial buildingLand (one acre)TotalDepreciationDeduction 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. 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 furniturePickup truckCommercial buildingLand (one acre)TotalCost Basis$ 7,2009,200Assuming Poplock does not elect $179 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 noanswer blank. Enter zero if applicable.10,000292,000102,000Problem 10-46 Part a (Algo)a. What is Poplock's year 1 depreciation deduction for each asset?DepreciationDeduction

Depreciation refers to an expense that is being charged on the value of an asset due to the passage…

[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?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter5: Business Deductions

Section: Chapter Questions

Problem 7BCRQ

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: 2 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 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. Answer is not complete. Depreciation Deduction Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Problem 10-46 Part a (Algo) a. What is Poplock's year 1 depreciation deduction for each asset? $ $ $…
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 Asset Computer equipment Dog-grooming furnitan Pickup truck Commercial building Land (one acre) Total 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. a. What is Poplock's year 1 depreciation deduction for each asset? Depreciation Deduction $ S $ 5 3 Cost Basis $7,000 9,000 18,000 1.572 2.000…
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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?
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
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Required information [The following information applies to the questions displayed below.] Burbank Corporation (calendar-year-end) acquired the following property this year:(Use MACRS Table 1, Table 2 and Exhibit 10-10.) (Round your answer to the nearest whole dollar amount.) Asset Used copier New computer equipment Furniture New delivery truck Luxury auto Total Placed in Service Basis November 12 $ 11,400 17,600 35,600 22,600 73,600 $160,800 Maximum cost recovery deduction June July 15 October 28 January 31 Burbank acquired the copier in a nontaxable transaction when the shareholder contributed the copier to the business in exchange for stock. c. What is Burbank's maximum cost recovery deduction this year assuming it elects §179 expense and claims bonus depreciation?
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) Problem 10-46 Part a (Algo) 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? Answer is complete but not entirely correct. Depreciation Deduction Asset Computer equipment Dog-grooming fumiture Pickup truck Commercial building Land (one acre) Total Date Acquired Cost Basis 3/23 $9,800 5/12 11,800 9/17 10/11 10/11 $ $ $ $ $ $ 10,000 318,000 128,000 3,136 2,247…
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 Cost Basis Computer equipment 3/23 $ 5,800 Dog-grooming furniture 5/12 7,800 Pickup truck 9/17 10,000 Commercial building Land (one acre) 10/11 10/11 278,000 88,000 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.) Problem 10-46 Part a (Algo) a. What is Poplock's year 1 depreciation deduction for each asset? Answer is complete but not entirely correct. Asset Depreciation Deduction Computer equipment 69 $ 2,030 × Dog grooming furniture $ 1,392 × Pickup truck $ 1,500 Commercial building $ 7,128 Land $ 0…
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 Cost Basis Computer equipment 3/23 $ 9,400 Dog-grooming furniture 5/12 11,400 Pickup truck 9/17 10,000 Commercial building 10/11 314,000 Land (one acre) 10/11 124,000 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. b. What is Poplock's year 2 depreciation deduction for each asset?