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I need help for the following question: In 2020, Wally Corporation purchased two 7-year assets: Asset 1: $1,260,000 cost basis placed into service in February

I need help for the following question:

In 2020, Wally Corporation purchased two 7-year assets:

  • Asset 1: $1,260,000 cost basis placed into service in February
  • Asset 2: $1,240,000 cost basis placed into services in November.

Wally elects $1,020,000 of Section 179 expense (he does not elect bonus depreciation). Calculate Wallys total depreciation deduction for 2020 under each of the following assumptions:

  1. Wally elects the $1,020,000 Section 179 option on Asset 1.
  2. Wally elects the $1,020,000 Section 179 option on Asset 2.

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