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1. What are the components of an ordinary and necessary businessexpense?2. List 4 examples of ordinary and necessary business expenses abusiness cangenerally take.3. List 4 examples of business expenses that are not ordinaryand necessary businessexpenses.4. Define depreciation.5. On January 1, 2018, John Inc., purchased for $10,000, acopier to use in itsbusiness. The copier is a 5-year property. John Inc. elects touse the straight-linemethod of depreciation. What is the amount of John Inc.’sdepreciation for 2018?
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