Abby owns a condominium in the Great Smokey Mountains. During the year, Abby uses the condo a total of 21 days. The condo is also rented to tourists for a total of 79 days and generates rental income of $12,500. Abby incurs the following expenses: 
Using the IRS method of allocating expenses, the amount of depreciation that Abby may take with respect to the property will be
Definitions:
Periodic Inventory System
An inventory accounting system where updates are made on a periodic basis, not continuously.
Discounts Lost
Represents the extra amount paid by a buyer above the early payment discount price, due to missing the discount period.
Partial Payment
A payment that is made towards a debt or invoice that is less than the full amount owed at the time of payment.
Installment Payments
Payments made regularly over time to settle a debt, rather than paying the full amount at once.
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