In 2022, Wabash Corporation purchases two assets and places them into service (both have a 7-year MACRS recovery period):
• Asset #1: $1,260,000 cost; placed in service in February.
• Asset #2: $1,240,000 cost; placed in service in November.
Wabash elects $1.08 million under Sec. 179 and elects out of bonus depreciation. Compute Wabash’s total depreciation deduction for 2022 under each of the following assumptions:
a. Wabash elects the $1.08 million for Asset #1.
b. Wabash elects the $1.08 million for Asset #2.