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Brittany started a law practice as a sole proprietor. She owned a computer, printer, desk, and file cabinet she purchased during law school (several years ago) that she is planning to use in her business FMV at Time Purchase Converted to Asset Price Business Use $7,300 Computer Printer Desk File cabinet 5,100 6,000 5,000 $5,600 4,95e 5,800 5,025 Using the above information, what is the depreciable basis that Brittany should use in her business for each asset? Asset Depreciable Basis Computer Printer Desk File cabinet The following information applies to the questions displayed below. Juliette formed a new business to sell sporting goods this year. The business opened its doors to customers on June 1. Determine the amount of start-up costs Juliette can immediately expense (not including the portion of the expenditures that are amortized over 180 months) this year in the following alternative scenarios. (Leave no answer blank. Enter zero if applicable.) a. She incurred start-up costs of $3,600 Amount of start-up costs immediately expensed Last Chance Mine (LC) purchased a coal deposit for $1,667,600. It estimated it would extract 18,950 tons of coal from the deposit. LC mined the coal and sold it, reporting gross receipts of $1.32 million, $5 million, and $4.1 million for years 1 through 3, respectively. During years 1-3, LC reported net income (loss) from the coal deposit activity in the amount of ($17,500), $702,500, and $695,000, respectively. In years 1-3, LC actually extracted 19,950 tons of coal as follows: (Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.) Depletion (2) (2)/(1) Tons Extracted per Year Year 1 Year 2 Year 3 18,950 $1,667,600 $88.884,800 9,150 6,80e Tons of Coal Basis Rate a. What is Last Chance's cost depletion for years 1, 2, and 3? Year Cost Depletion 2 b. What is Last Chance's percentage depletion for each year (the applicable percentage for coal is 10 percent)? Percentage Year Depletion 2