You own a sole proprietorship and this year have decided to sell the following three business-related assets (6 points):

• Business building for commercial use in the amount of $780,000, that you purchased on June 1, 2006, for $500,000. Sale costs were 5% of the sale price.
  • Calculate the total depreciation taken on the asset based on the correct straight-line depreciation calculation. Assume the salvage value of the building is $100,000, and holding length was 16 years