5. During 2016, Palo Fiero purchases the following property for use in his calendar year-end manufacturing business: Item Date Acquired Cost June 2 37,000 Manufacturing equipment (7 year) 4,500 Office furniture September 15 3,800 Office computer November 18 Passenger automobile (used May 31 90 percent for business) 37,500 April 23 Warehouse 170,000 Building 135,000 Land Palo uses the accelerated depreciation method under MACRS, if available, and does not make the election to expense or take bonus depreciation. Use Form 4562 on Pages 7-37 and 7-38 to report Palo's depreciation expense for 2016