Dennis Harding is considering acquiring a new automobile that he will use 100% for business in the subsequent year. The purchase price of the automobile would be $48,500. If Dennis leased the car for five years, the lease payments would be $375 per month. Dennis will acquire the car on January 1, 2018. It will be his only business asset purchase of 2018. The inclusion dollar amounts from the IRS table for the next five years are $60, $130, $194, $232, and $268 Dennis wants to know the effect on his adjusted gross income of purchasing versus leasing the car for the next five years. He does not claim any available additional first-year depreciation. Click here to access the limits for certain automobiles. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Complete the letter to Dennis. Maloney, Raabe, Hoffman, & Young, CPAS 5191 Natorp Boulevard Mason, OH 45040 December 20, 2017 Mr. Dennis Harding 150 Avenue I Memphis, TN 38112 Dear Mr. Harding: I am writing in response to your request concerning the tax consequences of purchasing versus leasing an automobile. Our calculations are based on the data you provided in our telephone conversation. If the automobile is purchased, the total cost recovery deductions for the five years will be leased, lease payment deductions will total your gross income. . If the automobile is 22,500.In addition, you also must include a total $ in