Question: Problem 8-34 (LO. 2) On August 2, 2021, Wendy purchased a new office building for $3,800,000. On October 1, 2021, she began to rent out

Problem 8-34 (LO. 2) On August 2, 2021, Wendy purchased a

Problem 8-34 (LO. 2) On August 2, 2021, Wendy purchased a new office building for $3,800,000. On October 1, 2021, she began to rent out office space in the building. On July 15, 2025, Wendy sold the office building. If required, round your answers to the nearest dollar. Click here to access the depreciation table to use for this problem. a. What MACRS convention applies to the new office building? b. What is the life of the asset for MACRS? c. Determine Wendy's cost recovery deduction for 2021 and 2025. 2021: $ 2025: $

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