On January 1, 2015, Smith-Jones Company purchased office furniture for $80,000. Other data on the purchase include the following: Estimated useful life 10 years MACRS life 7 years Estimated residual value $5,000 Financial statement depreciation Straight-line MACRS depreciation 200% declining balance The MACRS Depreciation table is as follows: MACRS Depreciation as a Percentage of the Cost of the Asset Year of Life 3 5 7 10 33.33% 20.00% 14.29% 10.00% 44.45% 32.00% 24.49% 18.00% 3 14.81% 19.20% 17.49% 14.40% 4 7.41% 11.52% 12.49% 11.52% 11.52% 8.93% 9.22% 6 5.76% 8.92% 7.37% 7 8.93% 6.55% 4.46% 6.55% 9 6.56% 10 6.55% 11 3.28% Required: Compute the depreciation deduction for the 2015 tax return. Assume the asset is sold on April 1, 2023 for $3,000. Compute the gain/loss on disposal for both financial reporting and tax reporting.