! Required Information [The following information applies to the questions displayed below.] Alexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: Insurance Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation $ 2,000 6,500 2,000 1,400 2,500 14,500 During the year, Alexa rented out the condo for 100 days. She did not use the condo at all for personal purposes during the year. Alexa's AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income. Assume Alexa receives $30,000 in gross rental receipts. a. What effect do the expenses associated with the property have on her AGI? Answer is complete but not entirely correct. Gross rental income Expenses: $ 30,000 Insurance S 1,852 x Mortage Interest 6,019 x Property taxes 1,852 x Repairs & maintenance 1,296 x Utilities 2.315x Depreciation 13,428 X Less: total expenses S 26,760 Balance-net rental 5 26,759 x income