1)On March 25, Parscale Company purchases the rights to a mineral interest for $9,938,000. At that time, the remaining recoverable units in the mineral interest are estimated to be 763,200 tons. If required, round any division to two decimal places and use in subsequent computations. Round your final answer to the nearest dollar. If 686,880 tons are mined and 114,480 tons are sold this year, calculate Parscale's cost depletion for the year.

Answer is not $1490700, Thank you

2) In 2017, Jos purchased a house for $243,700. He used the house as his personal residence. In July 2020, when the fair market value of the house was $358,600, he converted the house to rental property.

If required, round your answers to the nearest dollar.

Click here to access depreciation tables in the textbook.

a. Jos's basis for cost recovery for the property is $ 243700

b. Under MACRS, the cost recovery period for residential rental real estate is 27.5 years, and it is subject to the mid-month convention.

c. The cost recovery for 2020 is $ ?

C answer is not $7016, Thank you

3 4 For Property Placed in Service after December 31, 1986 Recovery 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year Year (200% DB) (200% DB) (200% DB) (200% DB) (150% DB) (150% DB) 1 33.33 20.00 14.29 10.00 5.00 3.750 2 44.45 32.00 24.49 18.00 9.50 7.219 14.81* 19.20 17.49 14.40 8.55 6.677 7.41 11.52* 12.49 11.52 7.70 6.177 5 11.52 8.93* 9.22 6.93 5.713 6 5.76 8.92 7.37 6.23 5.285 8.93 6.55 5.90 4.888 4.46 6.55 5.90 4.522 6.56 5.91 4.462* 10 6.55 5.90 4.461 11 3.28 5.91 4.462 12 5.90 4.461 13 5.91 4.462 14 5.90 4.461 15 5.91 4.462 16 2.95 4.461 17 4.462 18 4.461 19 4.462 20 4.461 21 2.231