Business, 07.04.2020 17:42 kingtrent81
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 $ 6,000
Dog grooming furniture 5/12 $ 7,000
Pickup truck 9/17 $ 10,000
Commercial building 10/11 $280,000
Land (one acre) 10/11 $ 80,000
1. Assuming Poplock does not elect §179 expensing or bonus depreciation, what is Poplock?s year 1 depreciation expense for each asset?
2. Assuming Poplock does not elect §179 expensing or bonus depreciation, what is Poplock's year 2 depreciation expense for each asset?
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At the beginning of the year, Poplock began a calendar-year dog boarding business called Griff's Pal...
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