22 urt 1 of 4 Required information Problem 10-59 (LO 10-2, LO 10-3) (The following information applies to the questions displayed below.] Dain's Diamond Bit Drilling purchased the following assets this year. ants 3 03.0155 Asset Drill bits (5-year) Drill bits (5-year) Commercial building Purchase Date January 25 July 25 April 22 Original Basis $ 90,080 95,000 220, eee eBook Assume its taxable income for the year was $53,000 for purposes of computing the $179 expense (assume no bonus depreciation). (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) (Leave no answer blank. Enter zero if applicable.) Print References Problem 10-59 Part a a. What is the maximum amount of $179 expense Dain's may deduct for the year? $179 expense $ 1,020,000