At the beginning of the fiscal year, Remington purchases a mold for manufacturing powdered metal firearm parts for \($120,000.\) The estimated salvage value after 8 years is \($10,000.\) Calculate the depreciation deduction and the book value for each year using MACRS-GDS allowances.

a. What is the MACRS-GDS property class?

b. Assume the complete depreciation schedule is used.

c. Assume the asset is sold during the sixth year of use.