Your company just purchased office furniture (asset class 00.11) for $95,000 and placed it in service on August 13, 2007. The cost basis for the furniture is $95,000, and it will be depreciated with the GDS using half-year convention The expected salvage (market) value of the furniture is $5,500 in 2015. Determine the recovery period for the furniture and its depreciation deductions over the recovery period. Click the icon to view the partial listing of depreciable assets used in business. Click the icon to view the GDS Recovery Rates (x) The recovery period for the furniture is years. (Round to the nearest whole number.) Determine the depreciation deductions over the recovery period. (Round to the nearest dollar) The depreciation deduction, $ Year 2007 2008 2009 2010 2011 2012 2013 2014 Recovery Periods ADS 10 Asset Class 00.11 00.12 00.22 00.23 00.241 00.242 00.26 01.1 10.0 13.2 13.3 15.0 22.3 24.4 28.0 30.1 32.2 34.0 36.0 37.11 37.2 48.12 49.13 49.21 79.0 Descriptions of Assets Class Life GDS Office furniture and equipment Information systems, including computers Automobiles, taxis Buses Light general purpose trucks Heavy general purpose trucks Tractor units for use over the road Agriculture Mining Production of petroleum and natural gas Petroleum refining Construction Manufacture of carpets Manufacture of wood products and furniture Manufacture of chemicals and allied products Manufacture of rubber products Manufacture of cement Manufacture of fabricated metal products Manufacture of electronic components, products, and systems Manufacture of motor vehicles Manufacture of aerospace products Telephone central office equipment Electric utility steam production plant Gas utility distribution facilities Recreation 9 5 9 6 10 10 10 10 10 6 9 10 10 9.5 9.5 20 12 15 20 12 12 10 12 10 28 35 10 10 20 20 28 35 10 GDS Recovery Rates (r) for the Six Personal Property Classes Recovery Period (and Property Class) Year 3-year 0.3333 0.4445 0.1481 0.0741 10-year 0.1000 0.1800 0.1440 0.1152 0.0922 0.0737 0.0655 0.0655 0.0656 0.0655 0.0328 20-yearb 0.0375 0.0722 0.0668 0.0618 0.0571 0.0528 0.0489 0.0452 0.0447 0.0447 0.0446 0.0446 0.0446 0.0446 0.0446 0.0446 0.0446 0.0446 0.0446 0.0446 0.0223 5-year 0.2000 0.3200 0.1920 0.1152 0.1152 0.0576 7-year 0.1429 0.2449 0.1749 0.1249 0.0893 0.0892 0.0893 0.0446 15-yea 0.0500 0.0950 0.0855 0.0770 0.0693 0.0623 0.0590 0.0590 0.0591 0.0590 0.0591 0.0590 0.0591 0.0590 0.0591 0.0295 2 3 4 6 7 8 9 12 16 17 18 19 20 21 These rates are determined by applying the 200% DB method (with switchover to the SL method) to the recoverv period with the half-vear convention applied to the first and last vears, Rates for each period