Home mortgage interest Property tax on residence Homeowner's insurance Utilities Furnace repairs $12,980 2,200 1,475 2,100 300 Colin purchased the home in 2000 for $225,000. For MACRS depreciation purposes, he allocated $185,000 to the building and $40,000 to the land. Required: a. If Colin's gross business income exceeded his operating expenses by $75,000, compute his net profit for the year. b. If Colin's gross business income exceeded his operating expenses by $1,800, 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 $75,000, compute his net profit for the year. (Round your intermediate computations to the nearest whole dollar value.) Net profit 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 $75,000, compute his net profit for the year. (Round your intermediate computations to the nearest whole dollar value.) Net profit 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 $1,800, compute his net profit for the year. Net profit