Problem 8-37 (LO. 2)On August 2, 2018, Wendy purchased a new office building for $3,800,000. On October 1, 2018, she began to rent out office space in the building. On July 15, 2022, Wendy sold the office building.If required, round your answers to the nearest dollar.a. What MACRS convention applies to the new office building?Mid-month b. What is the life of the asset for MACRS?39 years c. Wendy’s cost recovery deduction for 2018 is $_____ and for 2022 is $_____