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 $ 10,000 Dog-grooming furniture 5/12 12,000 Pickup truck 9/17 10,000 Commercial building 10/11 320,000 Land (one acre) 10/11 130,000 Assuming Poplock does not elect 179