Compute MACRS depreciation for the following qualified assets for the calendar years 2021 and 2022: (Ignore bonus depreciation and Section 179 deduction.) [Refer to Ch. 6 Table 7 in the textbook for the depreciation rate) Asset Year purchased Cost Salvage value Business equipment (7-year property) March 2021 $97800 $10,000 Car May 2021 14900 1,000 Office furniture (7-year property) July 2021 20600 3,000 Building (Office) January 2021 203000 5,000 What is the 2021 depreciation expense for the business equipment? [For your answer, please use whole number and ignore the dollar sign and the comma.] Applicable Convention: Half-year 3-year 5-year If the Recovery Year is: 1 2 3 33.33 44.45 14.81 7.41 20.00 32.00 19.20 11.52 and the Recovery Period is: 7-year 10-year the Depreciation Rate is: 14.29 10.00 24.49 18.00 17.49 14.40 12.49 11.52 4. Answer: 1