At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's...
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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: Date Cost Acquired 3/23 Asset Basis $ 6,800 Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) 5/12 9/17 10/11 10/11 ৪, ৪00 10,000 288,000 98,000 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.) Depreciation Rate for Recovery Period 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year Year 1 Year 2 33.33% 20.00% 14.29% 10.00% 5.00% 3.750% 44.45 32.00 24.49 18.00 9.50 7.219 Year 3 14.81 19.20 17.49 14.40 8.55 6.677 Year 4 Year 5 Year 6 7.41 11.52 12.49 11.52 7.70 6.177 11.52 8.93 9.22 6.93 5.713 5.76 8.92 7.37 6.23 5.285 Year 7 8.93 6.55 5.90 4.888 Year 8 4.46 6.55 5.90 4.522 Year 9 6.56 5.91 4.462 Year 10 Year 11 Year 12 Year 13 6.55 5.90 4.461 3.28 5.91 4.462 5.90 4.461 5.91 4.462 Year 14 5.90 4.461 Year 15 5.91 4.462 Year 16 2.95 4.461 Year 17 Year 18 Year 19 Year 20 Year 21 4.462 4.461 4.462 4.461 2.231 a. What is Poplock's year 1 depreciation deduction for each asset? Depreciation Deduction Asset Computer equipment Dog grooming furniture Pickup truck Commercial building Land Total b. What is Poplock's year 2 depreciation deduction for each asset? Depreciation Deduction Asset Computer equipment Dog grooming furniture Pickup truck Commercial building Land Total 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 Acquired 3/23 Asset Basis $ 6,800 Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) 5/12 9/17 10/11 10/11 ৪, ৪00 10,000 288,000 98,000 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.) Depreciation Rate for Recovery Period 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year Year 1 Year 2 33.33% 20.00% 14.29% 10.00% 5.00% 3.750% 44.45 32.00 24.49 18.00 9.50 7.219 Year 3 14.81 19.20 17.49 14.40 8.55 6.677 Year 4 Year 5 Year 6 7.41 11.52 12.49 11.52 7.70 6.177 11.52 8.93 9.22 6.93 5.713 5.76 8.92 7.37 6.23 5.285 Year 7 8.93 6.55 5.90 4.888 Year 8 4.46 6.55 5.90 4.522 Year 9 6.56 5.91 4.462 Year 10 Year 11 Year 12 Year 13 6.55 5.90 4.461 3.28 5.91 4.462 5.90 4.461 5.91 4.462 Year 14 5.90 4.461 Year 15 5.91 4.462 Year 16 2.95 4.461 Year 17 Year 18 Year 19 Year 20 Year 21 4.462 4.461 4.462 4.461 2.231 a. What is Poplock's year 1 depreciation deduction for each asset? Depreciation Deduction Asset Computer equipment Dog grooming furniture Pickup truck Commercial building Land Total b. What is Poplock's year 2 depreciation deduction for each asset? Depreciation Deduction Asset Computer equipment Dog grooming furniture Pickup truck Commercial building Land Total
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ANSWER Part A Asset Depreciation deduction Computer equipment 1360 Dog grooming furniture 125... View the full answer
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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