7. Mike Brady purchased an apartment building on May 12, 2021, for a total of $2.5 million of which $785,000 was the value of the land on which the apartment building was located. In addition, Mike purchased 7-year class new business equipment for $32,000 on October 10, 2021. He elects not to immediately expense the equipment under $179 and elects not to take the additional first-year depreciation. Mike purchased no other business assets during 2021. a. Determine Mike's depreciation on the apartment building for 2021. b. Determine Mike's depreciation on the equipment for 2021