On July 12, Scrap-Happy purchases and places in service a warehouse and the land it resides on for $170,000 ($120,000 is allocated to the building and $50,000 to the land).

Calculate the depreciation expense for the first year, second year, and last year (year 40).

Type of asset

Date in service

Recovery period

Cost basis

Depreciation rate

Depreciation expense

Accumulated depreciation

Adjusted tax basis

Year

Building

7/12/2022