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: Asset Computer equipnent Dog-grooming furniture Pickup truck Connercial building Land (one acre) Date Acquired 3/23 5/12 9/17 10/11 10/11 Cost Basis $ 5,000 7, e00 10, e00 278, e00 80, e00 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.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) n. What is Poplock's year 1 depreciation deduction for each asset? Depreciation Deduction Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Total

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: Asset Computer equipnent Dog-grooming furniture Pickup truck Connercial building Land (one acre) Date Acquired 3/23 5/12 9/17 10/11 10/11 Cost Basis $ 5,000 7, e00 10, e00 278, e00 80, e00 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.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) n. What is Poplock's year 1 depreciation deduction for each asset? Depreciation Deduction Asset Computer equipment Dog-grooming furniture Pickup truck Commercial building Land (one acre) Total

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 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?
Required information [The following information applies to the questions displayed below.] On January 8 of year 1 Javier purchased and placed in service a building, including the land it was on, to assemble his new equipment. The total cost of the purchase was $1,399,500; $322,000 was allocated to the basis of the land and the remaining $1,077,500 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.) a. Using MACRS, what is Javier’s depreciation deduction on the building for years 1 through 3? b. What would be the year 3 depreciation deduction if the building was sold on February 26 of year 3? d. Assume the building is residential property. Using MACRS, what is Javier’s depreciation deduction on the building for years 1 through 3?
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. a. What is Poplock's year 1 depreciation deduction for each asset?
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.] Freeman Landscaping purchased a tractor at a cost of $37,000 and sold it three years later for $18,800. Freeman recorded depreciation using the straight-line method, a five-year service life, and a $2,500 residual value. Tractors are included in the Equipment account. Required: Record the sale. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 1 Record the sale of tractor. Note: Enter debits before credits. \table[[Transaction,General Journal,Deblt,Credit],[1,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]
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?
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On April 1, Oriole Company purchased for $1548000 a tract of land on which a warehouse and office building was located. The following data were collected concerning the property: Current Assessed Valuation Vendor's Original Cost Land $610000 $560000 Warehouse 390000 360000 Office building 800000 684000 $1800000 $1604000 What are the appropriate amounts that Oriole should record for the land, warehouse, and office building, respectively?
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The DUCK Company self constructed an asset for its own use. Construction started on January 1,2018 and the asset was completed on December 31,2018. Costs incurred during the year were as follows: January1- P 400,000April- 500,000August1 - 480,000December1- 180,000 If the company had a two year, 18% loan of P 500,000, specially obtained to finance the asset construction, what is the capitalized interest added to the cost of the self-constructed asset?
On January 19, Ivanova Inc. buys a land that includes a building and a variety of land improvements (i.e. fencing, parking lots, etc.) for the $300,000 cash. The land was recently appraised at $200,000, the building was recently appraised at $80,000, and the land improvements were recently appraised at $40,000. Journalize the basket purchase of the land, building, and land improvements Date Particulars PR D R C R
The following information applies to the questions displayed below.] The following transactions relate to Academy Towing Service. Assume the transactions for the purchase of the wrecker and any capital improvements occur on January 1 of each year. Year 1 Acquired $73,000 cash from the issue of common stock. Purchased a used wrecker for $35,000 cash. It has an estimated useful life of three years and a $6,000 salvage value. Paid sales tax on the wrecker of $4,000. Collected $59,100 in towing fees. Paid $12,300 for gasoline and oil. Recorded straight-line depreciation on the wrecker for Year 1. Closed the revenue and expense accounts to Retained Earnings at the end of Year 1. Year 2 Paid for a tune-up for the wrecker’s engine, $1,200. Bought four new tires, $1,550. Collected $65,000 in towing fees. Paid $18,300 for gasoline and oil. Recorded straight-line depreciation for Year 2. Closed the revenue and expense accounts to Retained Earnings at the end of Year 2. Year 3 Paid to…