blems Property Acquisition and Cost... Saved Help Save Problem 10-46 (LO 10-2) (Algo) [The following information applies to the questions displayed below) At the beginning of the current year. Pofiock 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 $ 5,400 Dog-grooming furniture 5/12 7,400 Pickup truck 9/17 10,000 Commercial building 10/11 274,000 Land (one acre) 10/11 84,000 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 b (Algo) b. What is Poplock's year 2 depreciation deduction for each asset? Asset Depreciation Deduction Computer equipment S s Property Acquisition and Cost... 6 Saved Help Save & E Chec Commercial building 10/11 274,000 Land (one acre) 10/11 84,000 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.) (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 b (Algo) 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 $ 0 TABLE 5 Nonresidential Real Property Mid-Month Convention Straight Line ---9 Years for assets placed in service on or after May 13, 1993) Month Property Placed in Service Month 1 Month 2 Month Month 4 Months Month Month 7 Month Month 9 Year 1 2.4615 2.242% 2.033 18194 1.6059 13915 1.1775 0.9634 0.79% Year 2-39 2564 2.564 2565 2. 2564 2564 2.564 2564 2.564 Year 40 0.107 0.535 0.749 0.963 1177 1391 1.605 1 819 Month 10 0.5359 2566 2.033 Month 11 0.3213 2564 2347 Month 0.1073 2.564 2.461 0.321 More 3. 3 3 3.174 . 1 3 3 3 TABLE4 Nonresidential Real Property Mid-Month Convention Straight Line -- 31.5 Years (for awets placed in service before May 13, 1993) Month Property Placed in Service Month! Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Manth Month Year 1 3,0424 2.778 2.513 2.249 1.984% 1.7204 1.4559 0.9266 Year 2-7 1.1908 3.175 3.175 3.175 3.175 3.175 3.175 3.175 3.175 3.175 Year 8 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.175 3.175 Year 9 3.174 3.175 3.174 3.175 J.174 3.175 3.174 3.175 3.174 Year 10 3.175 3.174 3.175 3.174 3.175 3.175 3.174 3.175 Year 11 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 Year 12 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 Year 13 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3174 Year 14 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 Year 15 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 Year 16 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 Year 17 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 Year 18 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 Year 19 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 Year 20 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.125 Year 21 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 Year 22 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 Year 23 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.115 3.174 Year 24 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 Year 25 3.174 3.175 3.174 3.175 3.174 3.175 3.175 3.174 Year 26 3,175 3.174 3.174 3.175 3.175 3.174 3.175 3.174 3.175 Year 27 3.174 3.175 3.174 3.175 3.174 3.174 3.175 3.174 3.175 3.174 Year 28 3.174 3.174 3.175 3.175 3.174 3.175 3.175 3.175 1975 1.174 3.125 3.174 3.175 3.174 E Month 10 0661 1.125 1.175 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3:175 3.174 3.175 3.174 3.175 3.174 3.175 30174 3.175 Month 11 0397 3.175 3.175 3.174 3.175 3.174 3.173 3.174 3.175 3.174 3.175 3.174 3.173 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3.175 3.174 3 1 3 1 E 3.174 3 3 3 3. LES E TABLE 3 Residential Rental Property Mid-Month Convention Straight Line - 27.5 Years Month Property Placed in Service Month 1 Month 2 Month 3 Month 4 Months Month 6 Month 7 Year 1 34859 3.182 28799 2.576% 2.2735 1.970% 1.6675 Year 2.9 3636 3.636 3.636 3.636 3.636 3636 3.636 Year 10 3.637 3.637 3.637 3637 3.637 3.637 3.636 Year 11 3.636 3.636 3.636 3.636 3.636 3636 3637 Year 12 3.637 3.637 3.637 3.637 3637 3.637 3.636 Year 13 3636 3.636 3.636 3.636 3636 3636 3637 Year 14 3.637 3637 3637 3.637 3.637 3.636 Year 15 3.636 3.636 3636 3.636 3.636 3.636 3.637 Year 16 3.637 3.637 3.637 3637 3.637 3637 3636 Year 17 3.636 3.636 3.636 3.636 3.636 3.636 3637 Year 18 3637 3.637 1617 3637 3.637 3617 1636 Year 19 3.636 3.636 3.636 3636 3.636 3.636 3.637 Year 20 3637 3637 3.637 3637 3637 3,637 3.636 Year 21 3636 3.636 3.636 3.636 3.636 3.636 3.637 Year 22 3.637 3.637 3.637 3637 3.637 3636 Year 23 3636 3.636 3.636 3.636 3.636 3.636 1637 Year 24 3.637 3.637 3.632 3637 3637 3637 3.636 Year 25 3.636 3636 3.636 3636 3636 3.636 3.637 Year 26 3637 3.637 3.637 3,637 3.637 1617 3.636 Year 27 3.636 3.636 3,636 3.616 3.636 3.636 3.637 Year 28 197 2273 2576 2.879 3.182 3.485 3.636 0.152 Year 29 Month 13665 3.636 3.636 3.637 3.636 3.637 3.636 3.637 3616 3.637 3.636 3637 3636 3.637 3.636 3617 3.636 3.637 3.636 3,637 3.636 0.455 Month 9 Month 10 Month 11 Month 12 1.06156 0.758% 0.4559 0.152 3.636 3636 3.636 3.636 3.636 3.636 3636 3.636 3637 3637 3.637 3637 3.636 3636 3.636 3.636 3.637 3637 3.637 1637 3.636 3636 3616 3.636 3637 3632 3637 3637 3.636 3.636 3.636 3.636 3.637 3637 3.637 3637 3.636 3636 3636 3.636 3.637 3637 3.637 3637 3.636 3.636 3.636 3.616 3637 3637 3.637 3637 3.636 3.636 3.636 3636 3637 3637 3637 3.637 3636 3.636 3.636 3.637 3637 3.637 3.637 3.636 3636 3.636 3.636 2.637 3.637 3.637 3.637 3.636 3.636 3.636 3.636 0.738 1.061 1.364 1667 E LEYE E E 1635 E E C ezto-cf-media.mheducation.com/Media/Connect_Production/bne/accounting/spilke TABLE 2a MACRS Mid-Quarter Convention: For property placed in service during the first quarter Depreciation Rate for Recovery Period 5-Year 7-Year Year 1 35.00% 25.00% Year 2 26.00 21.43 Year 3 15.60 15.31 Year 4 11.01 10.93 Year 5 11.01 8.75 Year 6 1.38 8.74 Year 7 8.75 Year 8 1.09 TABLE 26 MACRS Mid-Quarter Convention: For property placed in service during the second quarter Depreciation Rate for Recovery Period 5-Year 7-Year Year 1 25.00% 17.85% Year 2 30.00 23.47 Year 3 18.00 16.76 Year 4 11.37 11.97 Year 5 11.37 8.87 Year 6 4.26 8.87 Year 7 8.87 Year 8 3.34 TABLE 2 MACRS Mid-Quarter Convention: For property placed in service during the third quarter Depreciation Rate for Recovery Period 5-Year 7-Year Year 1 15.00% 10.71%