Channing, a dentist, raises prize rabbits for breeding and showing purposes. Assume that the activity is determined to be a hobby. During the current year, the activity generates the following items of income and expense: View the data. Read the requirements. Requirement a. What is the total amount of income and deductions Channing should report for the current year with respect to the rabbit raising activities? Channing's total income is Channing's total deduction is Data Item Amount Sale of rabbits for breeding stock $ 600 Prizes and awards 260 Property taxes on rabbit hutches Feed (190) (590) Veterinary fees (520) Depreciation on rabbit hutches (340) Done Requirements a. What is the total amount of income and deductions Channing should report for the current year with respect to the rabbit raising activities? b. Identify which expenses may be deducted and indicate whether they are deductions for or from AGI. c. By what amount is the cost basis of the rabbit hutches to be reduced for the year? Print Done - X