7. The assets Phillip sold on March 20 are as follows: Date Acquired Asset Sales Price 5/1/12 Office building $690,000 5/1/12 Land 70,000 7/1/12 Furniture 180,000 4/12/15 Office equipment 100,000 Accumulated Depreciation as of Beginning of the Year $129,825 Original Cost $900,000 100,000 239,000 120,000 206,998 67,524 Phillip has never sold any assets relating to his business before this transaction. Phillip did not take 5179 or bonus when he purchased these assets