January 1 peter began a calendar year business it is a dog

Reference no: EM13589456

January 1, Peter began a calendar year business. It is a dog grooming business Favre's Palace. Peter place the following assets in service during the year:

Asset	Date Acquired	Cost Basis
Computer equipment	March 23	$ 5,000
Dog grooming furniture	May 12	$ 7,000
Pickup truck	September 17	$ 10,000
Commercial building	October 11	$270,000
Land (one acre)	October 11	$ 80,000

Assume Peter does not elect section 179 expensing or bonus depreciation, answer the following;

1. What is Favre's Palace year 1 depreciation for each asset?

2. What is Favre's Palace year 2 depreciation for each asset?

Reference no: EM13589456

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