Fm Exercise 5-8 (Algorithmic) (LO. 7) In 2020, McKenzie purchased qualifying equipment for his business that cost 5431,400. The taxable income of the business for the year is $29,900 before consideration of any $ 179 deduction If an amount is zero, enter "o". a. Calculate McKenzie's $ 179 expense deduction for 2020 and any carryover to 2021. $ 179 expense deduction for 2020: $ 401,500 x $ 179 carryover to 2021: $ 461,300 x 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 8.4. 5 179 expense deduction for 2020: 5 0 $ 179 carryover to 2021: 0