8 Colin, a self-employed consultant, uses a room of his home as a business office. This room represents 10 percent of the home's square footage. This year, Colin incurred the following expenses in connection with his home: Eome mortgage interest $13,780 3,000 2,180 2,900 points Property tax on residence Eomeowner's insurance Utilities Furnace repairs 380 eBook Colin purchased the home in 2000 for $240,000. For MACRS depreciation purposes, he allocated $187,200 to the building and $52,800 to the land. Use Table 7.4 a. If Colin's gross business income exceeded his operating expenses by $83,000, compute his net profit for the year b. If Colin's gross business income exceeded his operating expenses by $2,600, compute his net profit for the year. Complete this question by entering your answers in the tabs below Required A Required B If Colin's gross business income exceeded his operating expenses by $83,000, compute his net profit for the year. (Round your intermediate computations to the nearest whole dollar value.) Net profit Required A Required B