a. What is Poplock’s year 1 depreciation deduction for each asset? b. What is Poplock’s year 2 depreciation deduction for each asset?
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Required information
[The following information applies to the questions displayed below.]
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 | ||
| Asset | Placed in Service | Basis | |
| Computer equipment | 3/23 | $ | 8,400 |
| Dog-grooming furniture | 5/12 | 10,400 | |
| Pickup truck | 9/17 | 10,000 | |
| Commercial building | 10/11 | 304,000 | |
| Land (one acre) | 10/11 | 114,000 | |
|
|
Assuming Poplock does not elect §179 expensing and elects not to use bonus
a. What is Poplock’s year 1 depreciation deduction for each asset?
b. What is Poplock’s year 2 depreciation deduction for each asset?
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