Question
Required information Skip to question [The following information applies to the questions displayed below.] At the beginning of the current year, Poplock began a calendar-year
Required information
Skip to question
[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 | Acquired | Basis | |
Computer equipment | 3/23 | $ | 5,000 |
Dog-grooming furniture | 5/12 | 7,000 | |
Pickup truck | 9/17 | 10,000 | |
Commercial building | 10/11 | 270,000 | |
Land (one acre) | 10/11 | 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.) (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? (Computer eqpt, Dog grooming, pickup, commercial building, land, total)
b. What is Poplocks year 2 depreciation deduction for each asset? (Computer eqpt, Dog grooming, pickup, commercial building, land, total)
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