Colin , a self- employed consultant , uses a room of his home as a business office . This room represents 10 percent of the home's square* footage ....

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Colin , a self- employed consultant , uses a room of his home as a business office . This room represents 10 percent of the home's square*footage . This year , Colin incurred the following expenses in connection with his home !Home mortgage interest$12 , 980Property tax on residence2 , 200Homeowner 's insurance*1 , 475Utilities2 , 100Furnace repairs300Colin purchased the home in 2000 for $225, 000 . For MACRS depreciation purposes , he allocated $185, 000 to the building and$40, 000 to the land . Use Table 7.4 .a . If Colin's gross business income exceeded his operating expenses by $75, 000, compute his net profit for the year .b. If Colin's gross business income exceeded his operating expenses by $1, 800 , compute his net profit for the year .@ Answer is not complete .Complete this question by entering your answers in the tabs below .Required ARequired BIf Colin's gross business income exceeded his operating expenses by $ 1, 8:00, compute his net profit for the year .Net profit