Please help with the following queestion: At the beginning of the year Poplock began a...
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Please help with the following queestion: 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: Asset Date Acquired Cost Basis Computer equip 3/23 5000 Dog-grooming furniture 5/12 7000 Pickup Truck 9/17 10000 Commercial building 10/11 270000 Land (one acre) 10/11 80,000 Poplock does not elect 179 expensing or bonus depreciation. 1. what is the first year depreciation expense for all assets. 2.what is the second year depreciation expense for all assets
I do not understand the answers that are available for this question. I need to understand the formula that will be use to arrive at the answer. Thank you.
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