Problem 8-50 (LO. 2, 4, 9) Dennis Harding is considering acquiring a new automobile that he will use 100% for business. The purchase price of the automobile would be $48,500. If Dennis leased the car for five years, the lease payments would be $375 per month. Dennis will acquire the car on January 1, 2017. It was his only business asset purchase of 2017. The inclusion dollar amounts from the IRS table for the next five years are $59, $128, $191, $228, and $264. Dennis wants to know the effect on his adjusted gross income of purchasing versus leasing the car for the next five years. He does not claim any available additional first-year depreciation Click here to access the limits for certain automobiles. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Complete the letter to Dennis. Maloney, Hoffman, Raabe, & Young, CPAs 5191 Natorp Boulevard Mason, OH 45040 Problem 8-50 (LO. 2, 4, 9) Dennis Harding is considering acquiring a new automobile that he will use 100% for business. The purchase price of the automobile would be $48,500. If Dennis leased the car for five years, the lease payments would be $375 per month. Dennis will acquire the car on January 1, 2017. It was his only business asset purchase of 2017. The inclusion dollar amounts from the IRS table for the next five years are $59, $128, $191, $228, and $264. Dennis wants to know the effect on his adjusted gross income of purchasing versus leasing the car for the next five years. He does not claim any available additional first-year depreciation Click here to access the limits for certain automobiles. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Complete the letter to Dennis. Maloney, Hoffman, Raabe, & Young, CPAs 5191 Natorp Boulevard Mason, OH 45040