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) 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.) 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 Date Acquired 3/23 5/12 9/17 10/11 10/11 a. What is Poplock's year 1 depreciation deduction for each asset? Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Total $ $ Cost Basis $ 9,200 11, 200 10,000 312,000 122,000 Depreciation Deduction 0

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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 assets during the year:
Asset
Computer equipment
Dog-grooming furniture
Pickup truck
Commercial building
Land (one acre)
Asset
Computer equipment
Dog-grooming furniture
Pickup truck
Commercial building
Land (one acre)
Total
Date Acquired
3/23
5/12
9/17
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.)
Note: Do not round intermediate calculations. Round
your final answers to the nearest whole dollar amount.
Leave no answer blank. Enter zero if applicable.
GA
10/11
10/11
a. What is Poplock's year 1 depreciation deduction for each asset?
$
Cost Basis
$ 9,200
11, 200
10,000
312,000
122,000
Depreciation
Deduction
Transcribed Image Text: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) Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Total Date Acquired 3/23 5/12 9/17 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.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. GA 10/11 10/11 a. What is Poplock's year 1 depreciation deduction for each asset? $ Cost Basis $ 9,200 11, 200 10,000 312,000 122,000 Depreciation Deduction
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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