VinceCorporation sold the following assets in 2017:

Charts:

Requirement a. What is the depreciation deduction for each asset in 2017? (Do not round intermediary calculations. Only round the amount you input in the cell to the nearest dollar.)

Asset	2017 depreciation
Automobile
Equipment
Building
Total

Requirement b. Compute the gain or loss on each asset sold.

First select the formula and enter the amounts to compute the adjusted basis of each asset on the sale date. (Use MACRS rates to three decimal places, X.XXX%. Do not round intermediary calculations. Only round the annual depreciation calculations and your final answers to the nearest dollar.)

Asset	Acquisition cost	-	Accumulated depreciation	=	Adjusted basis at time fo sale
Automobile		-		=
Equipment		-		=
Building		-		=

Now calculate the gain or loss on each asset sold. (Use a minus sign or parentheses for a loss.)

Asset	Gain/Loss on sale
Automobile
Equipment
Building

Origina DepreciationRecovery Cost-Recovery Method Period (Years)Price Date Sales Cost Basis Acquired Date Sold 12/1/17 a $7,000 MACRS Automobile Equipment Building (nonresidental) 5 $1,500 8,500 250,000 1/6/14 17,000 MACRS 4/1/07 12/10/17 275,000 MACRS 39 aThe half-year convention was used in the year of acquisition. Venice did not claim Sec. 179 expense or bonus depreciation during the acquistion years Origina DepreciationRecovery Cost-Recovery Method Period (Years)Price Date Sales Cost Basis Acquired Date Sold 12/1/17 a $7,000 MACRS Automobile Equipment Building (nonresidental) 5 $1,500 8,500 250,000 1/6/14 17,000 MACRS 4/1/07 12/10/17 275,000 MACRS 39 aThe half-year convention was used in the year of acquisition. Venice did not claim Sec. 179 expense or bonus depreciation during the acquistion years