Two years ago, a corporation purchased non-residential real estate (an office building) at a total cost of $250,000. Of this amount, $50,000 was allocated to the underlying land. What is the corporation's allowable depreciation deduction for the current year under MACRS? (Ignore IRC 179 and bonus depreciation.) O $5,000 O $5,128 O $6.350 O $7.273 Incorrect Question 7 0/ 1 pts Seven-year property costing $75,000 was placed in service on July 7 of the current year. The property has no salvage value and is depreciated using straight-line. Assuming the company elects not to take advantage of either bonus depreciation or the Code Sec. 179 deduction and the mid-quarter convention applies to all seven-year property placed in service this year, what will be depreciation expense with regard to this property for the current year? $10,714 O $4,018 O $5,357 None of the above