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Exercise 8-24 (Algorithmic) McKenzie placed in service qualifying equipment (7-year MACRS class) for his business that cost $383,700 in 2023 . The taxable income of

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Exercise 8-24 (Algorithmic) McKenzie placed in service qualifying equipment (7-year MACRS class) for his business that cost $383,700 in 2023 . The taxable income of the business for the year is $18,000 before consideration of any $179 deduction. If an amount is zero, enter " 0 ". a. Calculate McKenzie's 179 expense deduction for 2023 and any carryover to 2024. 179 expense deduction for 2023: \$ 179 carryover to 2024: \$ b. How would your answer change if McKenzie decided to use additional first-year (bonus) depreciation on the equipment instead of using 179 expensing? Hint: See Concept Summary 8.3. Additional first-year depreciation for 2023: \$ MACRS cost recovery for 2023: $ X Total cost recovery for 2023:$

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