On January 1, 2015, Smith-Jones Company Purchased Office Furniture for $80,000

On January 1, 2015, Smith-Jones Company purchased office furniture for $80,000. Other data on the purchase include the following: The MACRS Depreciation table is as follows:
MACRS Depreciation as a Percentage of the Cost of the Asset Required:
a. Compute the depreciation deduction for the 2015 tax return.
b. Assume the asset is sold on April 1, 2023 for $3,000. Compute the gain/loss on disposal for both financial reporting and tax reporting.

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