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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
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 $ 5,000 7,000 10,000 270,000 80,000 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) Total Depreciation Deduction b. What is Poplock's year 2 depreciation deduction for each asset? Asset Depreciation Deduction Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Total
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