Het Required information Problem 2-62 (LO 2-2, LO 2-3) The following information applies to the questions displayed below.) Woolard Supplies a sole proprietorship) has taxable income in 2019 of $240,000 before any depreciation deductions ($179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) (Do not round intermediate calculations Round your answers to the nearest whole dollar amount.) Asset Office furniture (used) Placed In Service March 20 $1,200,000 Problem 2-62 Parta a. If Woolard elects $50,000 of 5179, what is Woolard's total depreciation deduction for the year? Required information Problem 2-62 (LO 2-2, LO 2-3) The following information applies to the questions displayed below.] Woolard Supplies fa sole proprietorship) has taxable income in 2019 of $240,000 before any depreciation deductions (5179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) (Do not found intermediate calculations. Round your answers to the nearest whole dollar amount.) Asset Office furniture (used) Placed In Service March 20 $1,200,000 Problem 2-62 Part b b. If Woolard elects the maximum amount of 5179 for the year, what is the amount of deductible 5179 expense for the year? What is the total depreciation that Woolard may deduct in 2019? What is Woolard's 5179 carryforward amount to next year, if any? Deductible 5179 expense Total depreciation deduction 5179 carryforward 9 10 of 14 Required information Problem 2-62 (LO 2-2, LO 2-3) [The following information applies to the questions displayed below.) Woolard Supplies fa sole proprietorship) has taxable income in 2019 of $240,000 before any depreciation deductions (9179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Asset Office furniture (used) Placed In Service March 20 Basis $1,200,000 Problem 2-62 Part c C. Woolard is concerned about future limitations on its $179 expense. How much 3179 expense should Woolard expense this year if it wants to maximize its depreciation this year and avoid any carryover to future years