Line 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. Poplockbought and placed in service the following assets during the year:AssetComputer equipmentDog-grooming furniturePickup truckCommercial buildingLand (one acre)AssetComputer equipmentDog-grooming furniturePickup truckDate Acquired Cost Basis3/235/129/1710/1110/11Assuming Poplock does not elect 5179 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.)Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave noanswer blank. Enter zero if applicable.Commercial buildingLand (one acre)TotalWhat is Poplock's year 1 depreciation deduction for each asset?$$9,00011,00010,000310,000120,000DepreciationDeduction At the beginning of the current year, Poplock began a calendar-year dog boarding business called Griff's Palace. Poplockbought and placed in service the following assets during the year:AssetComputer equipmentDog-grooming furniturePickup truckCommercial building.Land (one acre)Assuming Poplock does not elect §179 expensing and elects not to use bonus depreciation, answer the followingquestions: (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.)Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave noanswer blank. Enter zero if applicable.Assetb. What is Poplock's year 2 depreciation deduction for each asset?Computer equipmentDog-grooming furniturePickup truckDate Acquired3/235/129/1710/1110/11Commercial buildingLand (one acre)Total$Cost Basis$ 9,00011,00010,000310,000120,000DepreciationDeduction

Depriciation is the fall in the value of an asset due to normal wear and tear during its…

[ine 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: Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Assuming Poplock does not elect 5179 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.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Asset Computer equipment Dog-grooming furniture Pickup truck Date Acquired Cost Basis 3/23 $9,000 5/12 11,000 10,000 310,000 120,000 What is Poplock's year 1 depreciation deduction for each asset? Commercial building Land (one acre) Total 9/17 10/11 10/11 $ Depreciation Deduction

[ine 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: Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Assuming Poplock does not elect 5179 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.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Asset Computer equipment Dog-grooming furniture Pickup truck Date Acquired Cost Basis 3/23 $9,000 5/12 11,000 10,000 310,000 120,000 What is Poplock's year 1 depreciation deduction for each asset? Commercial building Land (one acre) Total 9/17 10/11 10/11 $ Depreciation Deduction

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing

Section: Chapter Questions

Problem 7Q

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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: Asset Date Acquired Cost Basis Computer equipment 3/23 $ 9,400 Dog-grooming furniture 5/12 11,400 Pickup truck 9/17 10,000 Commercial building 10/11 314,000 Land (one acre) 10/11 124,000 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.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. b. What is Poplock's year 2 depreciation deduction for each asset?
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 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.) a. What is Poplock’s year 1 depreciation deduction for each asset? b. What is Poplock’s year 2 depreciation deduction for each asset?
Shoshin, Inc. owns land and building in Manila used for operations and administration. The company uses the cost model and provides you with the following information on January 1, 2019: Land: Cost-20,000,000 Fair value-28,000,000 Building: Cost - 40,000,000 Accumulated depreciation-10,000,000 Fair value - 35,000,000 On this date, the company transferred its business operations to Ortigas Center and leased out the land and building above to interested business friends under operating leases. The company uses the fair value model for all of its investment property. How much gain shall be reported in profit or loss resulting from this reclassification from owner-occupied property to investment property? THE ANSWER IS 0. Someone explain why it's 0.
Ironrock is a newly formed chocolate manufacturing company in Nevada. During the current year, the company acquired and placed several assets in service. All assets were acquired and placed in service on the first day of the year. The new facility design includes areas for candy making classes. The costs for the year are outlined below. The company has taxable income for the year of $250,000. Annual Cost Amount Building (building $950k; land $2500k) $1,200,000 Manufacturing equipment for melting, mixing, and tempering chocolate 900,000 Routine maintenance of equipment during the year 50,000 Displays, molds, and fixtures for candy-making lessons 455,000 Office furniture 60,000 Delivery van 45,000 Total Cost 2,710,000 Create a table in the analysis section that outlines each acquisition cost and provide the following information for each. The table should include each asset’s description, depreciation amount, asset class (Refer to…
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) On January 1, 20x5, Shuttlecraft Corporation purchased a piece of machinery for $300,000 and paid an additional $11,000 to transport the machinery to its warehouse and $6,000 to train its employees on how to operate it. Shuttlecraft expects to use the machinery for 18 years and estimates a residual value of $11,000. Shuttlecraft uses the diminishing balance method to depreciate its capital assets at a rate of 15%. What should Shuttlecraft record as depreciation expense at December 31, 20x5? Question 4 options: $46,650 $45,000 $47,550 $16,667
The following expenditures relating to plant assets were made by Glenn Company during the first 2 months of 2014.(b) Indicate the account title to which each expenditure should be debited. 1. Paid $7,000 of accrued taxes at the time the plant site was acquired. choose an account title Land ImprovementsLandLicense ExpenseEquipmentPrepaid Insurance 2. Paid $200 insurance to cover a possible accident loss on new factory machinery while the machinery was in transit. choose an account title LandLand ImprovementsPrepaid InsuranceEquipmentLicense Expense 3. Paid $850 sales taxes on a new delivery truck. choose an account title LandLand ImprovementsPrepaid InsuranceLicense ExpenseEquipment 4. Paid $21,000 for parking lots and driveways on the new plant site. choose an account title EquipmentLicense ExpenseLand ImprovementsLandPrepaid Insurance 5. Paid $250 to have the company name and slogan painted on the new delivery truck. choose an…
On November 18 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,500,500; $363,000 was allocated to the basis of the land and the remaining $1,137,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? What would be the year 3 depreciation deduction if the building was sold on January 22 of year 3? Assume the building was purchased and placed in service on October 13 instead of November 18. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? Assume the building is residential property. Using MACRS, what is Javier's depreciation deduction on the building for years 1 through 3? What would be the depreciation for 2022,…
ompany purchased land as a factory site. An old building on the property was demolished, and construction began on a new building. Costs incurred during the first year are listed below:
Jay Hawk, maintenance supervisor for Boston InsuranceCo., has purchased a riding lawnmower and accessoriesto be used in maintaining the grounds around corporateheadquarters. He has sent the following information tothe accounting department.Cost of mower and accessories $4,000 Date purchased 7/1/17 Monthly salary of groundskeeper $1,100 Estimated useful life 5 yrsSalvage value $0Estimated annual fuel cost $150 Compute the amount of depreciation expense (related tothe mower and accessories) that should be reported onBoston’s December 31, 2017, income statement.Assume straight-line depreciation.
[The following information applies to the questions displayed below.] At the beginning of the year, Algernon Companies bought three used machines. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Details for Machine A are provided below. Cost of the asset $10,800 Installation costs 980 Renovation costs prior to use 1,140 Repairs after production began 870 3. Prepare the journal entry to record year 2 straight-line depreciation expense for Machine A, assuming an estimated life of 4 years and $1,000 residual value.
At the beginning of the year, Algernon Companies bought three used machines. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Details for Machine A are provided below. Cost of the asset $9,200 Installation costs 820 Renovation costs prior to use 660 Repairs after production began 550 Required: 1. Compute the amount to be capitalized for Machine A.
On March 14 of year 1, Javier purchased a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,475,500; $328,000 was allocated to the basis of the land and the remaining $1,147,500 was allocated to the basis of the building. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) c. Assume the building was purchased and placed in service on December 7 instead of March 14. Using MACRS, what is Javier’s depreciation deduction on the building for years 1 through 3?