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  3. 1 poplock corporation acquired and placed in service the following...

Question: 1 poplock corporation acquired and placed in service the following...

Question details

1. Poplock Corporation acquired and placed in service the following assets during the year, 2019:

Asset

Date Acquired

Cost Basis

Computer equipment

3/23

$7,000

Dog grooming furniture

5/12

$7,000

Pickup truck

9/17

$10,000

Commercial building

10/11

$270,000

Land (one acre)

10/11

$80,000

Assuming DLW does not elect §179 expensing or bonus depreciation. What is Poplock's year 2 total cost recovery for these assets?

2.

DLW Corporation acquired and placed in service the following assets during the year, 2019:

Asset

Date Acquired

Cost Basis

Computer equipment

2/17

$10,000

Furniture

5/12

$18,000

Commercial building

11/1

$270,000

Assuming DLW does not elect §179 expensing and elects not to use bonus depreciation, what is DLW’s year 3 cost recovery for each asset if DLW sells all of these assets on 1/23 of year 3?

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