Reference no: EM132359935

Question

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:

Date Cost Asset Acquired Basis Computer equipment 3/23 $ 7,200 Dog-grooming furniture 5/12 $ 9,200 Pickup truck 9/17 $ 10,000 Commercial building 10/11 $ 292,000 Land (one acre) 10/11 $ 102,000

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.) (Round your answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.)

What is Poplock's year 1 depreciation deduction for each asset?