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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 following
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 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.) (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 Poplocks year 1 depreciation deduction for each asset? Asset Depreciation Deduction Computer equipment Dog grooming furniture Pickup truck Commercial building Land Total 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 Total
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