You work as a college professor during the academic year but have the summers off. You...

You work as a college professor during the academic year but have the summers off. You love Salmon fishing on the Kenai River in Alaska. You decide to purchase a fishing camp for $570,000 on May 15 so you can rent the cabins out and be a fishing guide for your customers. Your appraiser tells you that the land is worth 30.00% of your purchase price. You immediately build a large pavillion to hold your daily cookouts at a cost of $17,000. You hold the property for five years and sell it for $710,000. What is your accumuated depreciation over the five-year holding period? (The answer is $69,964 but I don't understand how to get this answer so please show your work-answer does need to be exact) Thanks!

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jeff jeffy answered 1 year ago

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