Problem 8-36 (LO. 2) On May 5, 2021, Christy purchased and placed in service a hotel. The hotel cost $10,800,000, and the land cost $1,200,000 ($12,000,000 in total). Calculate Christy's cost recovery deductions for 2021 and 2031. If required, round your answers to the nearest dollar. Click here to access the depreciation table to use for this problem. a. How is the property classified for MACRS? b. What is the life of the asset for MACRS? C. Calculate Christy's cost recovery deductions for 2021 and 2031. 2021: $ 2031: $