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: Home mortgage interest dence $13,780 erty t insurance 2,180 H Utilities 2,900 380 Furnace repairs 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 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: Home mortgage interest Property tax on residence Homeowner's insurance Utilities $13,780 3,000 2,180 2,900 Furnace repairs 380 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 $2,600, compute his net profit for the year. Net profit RequiredA Required B>