Sanibel Corporation sold the following assets in EEB (Click the icon to view the data.) 2017 (Click the icon to view theMACRShalf-year convention rates) (Click the icon to view the MACRS straight-line rates for 39-year properby) Click the icon to view the Luxury Automobile Depreciation Limits) Requirements a. What is the depreciation deduction for each asset in 2017? b. Compute the gain or loss on each asset sold Requirement a. What is the depreciation deduction for each asset in 2017? (Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.) Assef 2017 Depreciation Data Table Equipment Building Total Depreciation Recovery Cost Cost-Recovery Period Sales Date 655Method 1/1/14121/17 a 8,800 MACRS 22,000 MACRS 250,000 MACRS AcquiredDate Sold Besis (Years)Price Equipment Building (nonresidental) 5 S,300 7,800 270,000 1/6/14 4/1/07 12/10/17 39 The half- year convention was used in the year of acquisition. Sanibel did not claim Sec. 179 expense or bonus depreciation during the acquistion years. PrintDone Solution Date Date Original Recovery Table Depreciation Depreciation Sale Depreciation Gain/ Loss Particulars Acquired Sold Cost Period Referred Rate For 2017 Value till date Automobile 01-01-2014 12-01-2017 $8800 5 years Luxury $1875 Nil. Since the entire $1300 $1300 $1300 gain Automo cost has been written off ($1300-0) bile depre in Year 3 according to ciation the table we are referring to limits (assuming Year 1 depreciation to be $3160 i.e. without bonus Depreciation) Equipment 01-06-2014 09-01-2017 $22000 7 years Personal 12.49% $2748 $7800 $15127 $927 gain Property ($7800-($22000-$15127)) placed in service after 31-12-1986 Building 04-01-2007 12-10-2017 $250000 39 years Non residential 2.56% $64100 $270000 $70500 $90500 gain (Non Residential) real property ($270000- ($250000-$70500)) placed in service after 12-05-1993 a. Depreciation deduction for each asset in 2017 Asset 2017 depreciation Automobile $0 Equipment $2748 Building $64100 (Non Residential) Total 66848 b. Gain/ loss on each asset sold Asset Gain Automobile $1300 Equipment $927 Building $90500 (Non Residential) Total 92727.