At the beginning of the 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 ............ $5,000
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 or bonus depreciation, answer the following questions:
a. What is Poplock's year 1 depreciation expense for each asset?
b. What is Poplock's year 2 depreciation expense for each asset?