Hello I am looking to get this problem worked. How much will I have to pay?

Facts: Steed and Peel, Ltd. (S&P) is a new concept upscale "Sandwich Shoppe" (deli) in the North Scottsdale/Carefree area. In 2018, the owners purchased a vacant delicatessen, made a few renovations (the location was a little shabby by local standards) and opened for business. Catering (no pun intended) mostly to the overly affluent and largely inert, the shop prepares custom gourmet sandwiches made with premium organic and locally-sourced ingredients. S&P then promptly delivers these concoctions to the homes and offices of its clientele. In its first tax year (calendar 2018), S&P netted $955,000 in taxable profit - it expects to clear well over $1,385,000 in 2019 (both figures are before any recovery deductions). To help grow the business and generally spruce-up the physical facilities in deference to their location, S&P made the following capital expenditures in 2019: Date Description Acquired Cost Executive Vehicle (Corvette) 4/21/2019 $ 88,644 Meat Slicers & Related Food Service (Used Eqpt.) 3/15/2019 312,862 Walk-in Cooler & Related 5/20/2019 369,798 Furniture & Fixtures 6/24/2019 130,255 Computers & Peripherals 1/8/2019 61, 818 Canned software - business applications 9/25/2019 34,500 Delivery/Cargo Trucks (3 - each GVW 9,500 lbs) 11/25/2019 171,300 Building Improvements - Expansion Costs 10/4/2019 548,646Requirements: In general, S&P's owners (it is a "C" corporation) want to maximize first-year tax depreciation and related deductions. In this context, they also hope to avoid keeping annual depreciation records, if possible. However, upon advice of their financial and legal advisors, related to certain regulatory issues (beyond our scope here), S&P will only consider claiming "bonus For students not familiar with the metropolitan Phoenix area, North Scottsdale/Carefree is generally considered a "toney" community - an Arizona version of La Jolla or Beverly Hills. Page 1 depreciation" for software acquisitions, if such a bonus allowance is otherwise available. Given the foregoing, your task is to determine how best to achieve S&P's overall goals relative to depreciation and related deductions. In other words, taking into account the business constraints, how do you apply the federal tax law to maximize their 2019 deductions and minimize the record-keeping burden? Please make sure you consider all these elements when completing the MACRS Template provided as part of this project - you should do your best to compute the maximum deduction. Also, don't forget the deduction ordering rules associated with the various IRC provisions discussed in your text and lecture materials. In addition, along the way, you will likely need to do a little additional research (the template has been partially completed for you/examples provided - see the purple and italicized type font) to determine the appropriate recovery period for certain of the assets. As discussed in your lecture materials, Revenue Procedure 87-56 is a great place to look for such answers. A copy of that Rev. Proc. is included on Canvas with the other project materials. You can also use Cheetah or Checkpoint to expand or practice your research if desired or if you have forgotten about conventions or GDS methods from your lectures. Of course, you can always review the lectures and/or your text as well. Be sure to review the supplement (Video Part 1A pertaining to inflationCertain cells in the Excel template are protected (mostly formulas) so you cannot change them (including the purple ones). Please enter your name and ASU ID number at the top of the worksheet. I've provided an area on the far right of the worksheet for you to enter any comments you feel are necessary to explain your approach. You can always include any relevant additional comments in Canvas when you upload your project Excel file (see below). When you upload your completed Excel project to Canvas, please make sure your filename largely follows this example: . LastName_FirstName_ACC454_MACRS_Deprn_Exercise_Fall_2020.xlsx So good luck with the project and let me know (via email or Hallway Conversations) if you have any pressing questions. Oh - in case you are wondering if you are close to the desired maximum solution, while I cannot give away the "optimal" answer, I will tell you should be between $1,025,000 and $1,140,000 in total allowable deductions when done. If you are a considerably above or below this target range, you may want to give the project a second look