Exercise 8-24 (Algorithmic) (LO. 3) Mckenzie purchased qualifying equipment for his business that cost $383,700 in 2021. The taxable income of the business for the year is $43,500 before consideration of any 5 179 deduction, If an amount is zero, enter "0". a. Calculate Mckenzie's $ 179 expense deduction for 2021 and any carryover to 2022 5 179 expense deduction for 2021: S 5 179 carryover to 2022: 5 b. How would your answer change if McKenzie decided to use additional first year (bonus) depreciation on the equipment instead of using 5 179 expensing? Hint: See Concept Summary 8.3. 5 179 expense deduction for 2021: $ $ 179 carryover to 2022: ADP Reading list ation) eBook 2 Exercise 8-25 (Algorithmic) (LO. 4) On April 5, 2021, Kinsey places in service a new automobile that cost $50,750. He does not efect 5 179 expensing, and he dects not to take any available additional first year depreciation. The car is used 85% for business and 15% for personal use in each tax year, insey chooses the MACRS 200% dedining-balance method of cost recovery (the auto is a S.vear asset). Click here to access the depreciation table to use for this problem. Assume the following luxury automobile limitations: year 1: $10,100; var 2: $16,100. If required, round your final answers to the nearest dollar. Compute the total depreciation allowed for: 2021 2022: Instructions l_docx Support_EX19_10.xlsx SC EX19.102_Ma_m 9AM w203