Campbell Corporation uses the calendar year as its tax year. It acquires and places into service two depreciable assets during 2022: Asset #1: 7-year property; $990,000 cost; placed into service on January 20. Asset #2: 5-year property; $420,000 cost; placed into service on August 1. View the MACRS half-year convention rates. Read the requirements. a. What are Campbell's depreciation deductions for 2022 and 2023 if this is the only property it places into service in those years and Campbell does not elect Sec. 179 expensing and elects out of bonus depreciation for the machine? Calculate Campbell's depreciation deductions for 2022. (Use MACRS rates to two decimal places, X.XX%. Round the MACRS depreciation to the nearest dollar.) 2022 Depreciation Asset #1 Asset #2 Total depreciation 141,471 84,000 225,471 Calculate Campbell's depreciation deductions for 2023. (Use MACRS rates to two decimal places, X.XX%. Round the MACRS depreciation to the nearest dollar.) 2023 Depreciation Asset #1 Asset #2 Total depreciation 242,451 134,400 376,851 b. What are Campbell's depreciation deductions for 2022 and 2023 if this is the only property it places into service in those years and Campbell elects Sec. 179 expensing for the assets and does not elect out of bonus depreciation? (Assume that Campbell takes the Sec. 179 deduction on Asset #1 first. Use MACRS rates to two decimal places, X.XX%. Round the MACRS depreciation to the nearest dollar. Complete all input fields. Enter a "0" no depreciation is taken.) Begin by determining Campbell's depreciation deduction for 2022 if it elects Sec. 179 expensing and does not elect out of bonus depreciation for the assets. Sec. 179 expense Bonus depreciation MACRS depreciation Total depreciation Asset #1 Asset #2 Total 2022