Seafood Inc. purchased the following assets during Year 1: Office furniture $4,000, Delivery truck $25,000,...

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Accounting

Seafood Inc. purchased the following assets during Year 1: Office furniture $4,000, Delivery truck $25,000, Office building $400,000. What should be reported as the cost basis for MACRS five-year property?
Group of answer choices
$25,000
$4,000
$29,000
$429,000

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