HansabenDon't upload image please 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)Assuming 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 noanswer blank. Enter zero if applicable.AssetComputer equipmentDog grooming fumiturePickup truckCommercial buildingLand (one acre)TotalDate Acquired3/235/129/1710/1110/11b. What is Poplock's year 2 depreciation deduction for each asset?$5$S$DepreciationDeductionCost Basis$7,0009,00010,000290,000100,0002.0002.6943,2007,94816,722

Depreciation is an accounting term which is used to depreciate the book value of fixed assets due to…

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 Acquired Cost Basis 3/23 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 5/12 9/17 18/11 10/11 $7,000 9,000 10,000 100,000

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 Acquired Cost Basis 3/23 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 5/12 9/17 18/11 10/11 $7,000 9,000 10,000 100,000

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing

Section: Chapter Questions

Problem 7Q

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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) Problem 10-46 Part a (Algo) 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. a. What is Poplock's year 1 depreciation deduction for each asset? Answer is complete but not entirely correct. Depreciation Deduction Asset Computer equipment Dog-grooming fumiture Pickup truck Commercial building Land (one acre) Total Date Acquired Cost Basis 3/23 $9,800 5/12 11,800 9/17 10/11 10/11 $ $ $ $ $ $ 10,000 318,000 128,000 3,136 2,247…
a. What is Poplock's year 1 depreciation deduction for each asset? Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Total (9 $ (9) (9 $ $ Depreciation Deduction 1,840 1,600 2,000 5,440
Line 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) Asset Computer equipment Dog-grooming furniture Pickup truck Date Acquired Cost Basis 3/23 5/12 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. Commercial building Land (one acre) Total What is Poplock's year 1 depreciation deduction for each asset? $ $9,000 11,000 10,000 310,000 120,000 Depreciation Deduction
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 Asset Machinery Office building Asset 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 Date Acquired 1/30 2/15 7/25 8/13 $ $ $ $ $ Cost Basis $ 47,500 $ 51,500 $ 94,500 $ 426,000 Year 1 Cost Recovery 9,500 7,359 Machinery 13,504 Office building 4,096 Total 34,459 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.
At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Date Cost Asset Acquired Basis Computers 1/30 $ 55,000 Office desks 2/15 $ 59,000 Machinery 7/25 $ 102,000 Office building 8/13 $ 436,000 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.) (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? b. What is Anna’s year 2 cost recovery for each asset?
Evergreen Corporation (calendar-year-end) acquired the following assets during the current year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1 and Table 2.) 2018 Asset Machinery Computer equipment Used delivery truck* Furniture Date Placed in Service October 25 February 3 August 17 April 22 $ Original Basis 102,000 34,000 47,000 190,000 *The delivery truck is not a luxury automobile a. What is the allowable MACRS depreciation on Evergreen's property in the current year assuming Evergreen does not elect §179 expense and elects out of bonus depreciation? (Round your intermediate calculations to the nearest whole dollar amount.) b. What would be the allowable MACRS depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciation?
At the beginning of the year, Anna began a calendar-year business and placed in service the following assets during the year: Asset Date Acquired Cost Basis $ 64,000 $ 68,000 $ 111,000 $ 448,000 1/30 Computers Office desks 2/15 7/25 Machinery Office building 8/13 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.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) b. What is Anna's year 2 cost recovery for each asset? Year 2 Asset Cost Recovery Computers $ 20,480 Office desks 16,653 Machinery $ 27,184 Office building Total 75,786 %24
[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: Date Acquired 1/30 Asset Cost Basis $ 64,000 $ 68,000 $ 111,000 $ 448,000 Computers Office desks 2/15 Machinery Office building 7/25 8/13 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.) (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? Year 1 Asset Cost Recovery Computers Office desks Machinery Office building Total $
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
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 $ 9,400 Dog-grooming furniture 5/12 11,400 Pickup truck 9/17 10,000 Commercial building 10/11 314,000 Land (one acre) 10/11 124,000 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.) 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?
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
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 $ 9,400 Dog-grooming furniture 5/12 11,400 Pickup truck 9/17 10,000 Commercial building 10/11 314,000 Land (one acre) 10/11 124,000 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.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. b. What is Poplock's year 2 depreciation deduction for each asset?