Required information[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 Poplockbought and placed in service the following assets during the year.AssetComputer equipmentDog-grooming furniturePickup truckCommercial buildingLand (one acre)Date Acquired3/235/129/1710/1110/11AssetComputer equipmentDog-grooming furnitanPickup truckCommercial buildingLand (one acre)TotalAssuming Poplock does not elect 5179 expensing and elects not to use bonus depreciation, answer the followingquestions (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?DepreciationDeduction$S$53Cost Basis$7,0009,00018,0001.5722.0001,66910,000290,000100,00023.231

Depreciation is an essential accounting concept used to allocate the cost of tangible assets over…

Required information [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. Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Date Acquired Cost Basis 3/23 $7,000 5/12 9,000 9/17 10/11 10/11 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) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no. answer blank. Enter zero if applicable. Asset Computer equipment Dog-grooming furnitae Pickup truck Commercial building Land (one acre) Total a. What is Poplock's year 1 depreciation deduction for each asset Depreciation. Deduction $ S $ 5 3 10,000 290,000 100,000 18,000 1.572 2.000 1,669 23.231

Required information [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. Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Date Acquired Cost Basis 3/23 $7,000 5/12 9,000 9/17 10/11 10/11 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) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no. answer blank. Enter zero if applicable. Asset Computer equipment Dog-grooming furnitae Pickup truck Commercial building Land (one acre) Total a. What is Poplock's year 1 depreciation deduction for each asset Depreciation. Deduction $ S $ 5 3 10,000 290,000 100,000 18,000 1.572 2.000 1,669 23.231

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter17: Business Tax Credits And The Alternative Minimum Tax

Section: Chapter Questions

Problem 11P

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Required information [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 Placed in Service Basis Computer equipment 3/23 $ 8,400 Dog-grooming furniture 5/12 10,400 Pickup truck 9/17 10,000 Commercial building 10/11 304,000 Land (one acre) 10/11 114,000 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 Poplock’s year 1 depreciation deduction for each asset? b. What is Poplock’s year 2 depreciation deduction for each asset?
Required information [The following information applies to the questions displayed below.] Burbank Corporation (calendar-year-end) acquired the following property this year:(Use MACRS Table 1, Table 2 and Exhibit 10-10.) (Round your answer to the nearest whole dollar amount.) Asset Used copier New computer equipment Furniture New delivery truck Luxury auto Total Placed in Service Basis November 12 $ 11,400 17,600 35,600 22,600 73,600 $160,800 Maximum cost recovery deduction June July 15 October 28 January 31 Burbank acquired the copier in a nontaxable transaction when the shareholder contributed the copier to the business in exchange for stock. c. What is Burbank's maximum cost recovery deduction this year assuming it elects §179 expense and claims bonus depreciation?
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 $ 5,800 Dog-grooming furniture 5/12 7,800 Pickup truck 9/17 10,000 Commercial building Land (one acre) 10/11 10/11 278,000 88,000 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 a (Algo) a. What is Poplock's year 1 depreciation deduction for each asset? Answer is complete but not entirely correct. Asset Depreciation Deduction Computer equipment 69 $ 2,030 × Dog grooming furniture $ 1,392 × Pickup truck $ 1,500 Commercial building $ 7,128 Land $ 0…
Required information [The following information applies to the questions displayed below.] At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Computers Office desks Machinery office building Asset Asset Date Acquired 1/30 2/15 Assuming Anna 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. a. What is Anna's year 1 cost recovery for each asset? Computers Office desks Machinery Office building Total 7/25 8/13 Answer is complete but not entirely correct. Year 1 Cost Recovery $ $ $ $ $ Cost Basis. $ 37,000 $ 41,000 $ 84,000 $ 412,000 7,400 5,859 12,004 3,963 29,226
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takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=D&inprogress3false Calculator Prepare the journal entry for the following transaction. Apr. 15 Last year, Titan Corporation's board of directors appropriated $150,000 for the purchase of a new storage facility over a three- year period. This year's appropriation for $50,000 was made on this date. If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 Apr. 15 2.
Required information [The following information applies to the questions displayed below.] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) Machinery Asset Computer equipment Used delivery truck" Furniture Date Placed in Service October 25 Original Basis $ 78,000 February 3 16,000 August 17 April 22 29,000 160,000 *The delivery truck is not a luxury automobile. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciation and elects out of $179 expense?
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