Check my work Firm J purchased a depreciable business asset for $68,000. Assuming the firm uses the half-year convention, compute its first-year MACRS depreciation if the asset is: Use Table 7:1 and Table 7-2. (Round your answers to the nearest whole dollar amount.) a. A land irrigation system. b. Duplicating equipment c. An oceangoing barge. d. Small manufacturing tools. eciati a. Aland irrigation system b. Duplicating equipment c. An oceangoing barge d. Small manufacturing tools K Prev 4 of 5 E Next TABLE 71 MACRS Recovery Period Recovery Periods for Tangible Business Assets Assets Included 3 years Small manufacturing tools, racehorses and breeding hogs, special 5 years Cars, trucks, buses, helicopters, computers, typewriters, duplicating 7 years Office furniture and fixtures, railroad cars and locomotives, most 10 years Single-purpose agricultural and horticultural structures: assets used in handling devices used in food manufacturing. equipment, breeding and dairy cattle, and cargo containers. machinery and equipment. petroleum refining, vessels, barges, and other water transportation equipment; fruit- or nut-bearing trees and vines. 15 years Land improvements such as fencing roads, sidewalks, bridges irrigation systems, and landscaping: telephone distribution plants pipelines: billboards; and service station buildings. 20 years Certain farm buildings, municipal sewers. 25 years Commercial water utility property. 27.5 years Residential rental real property (duplexes and apartments). 39 years Nonresidential real property (office buildings, factories, and warehouses) 50 years Railroad grading or tunnel bore