In 2021, Lyman Corporation purchases two assets and places them into service (both have 7-year MACRS recovery period): i (Click the icon to view the assets.) Lyman elects $1.05 million under Sec. 179 and elects out of bonus depreciation. (Click the icon to view the MACRS mid-quarter convention rates for property placed in service in the first quarter.) (Click the icon to view the MACRS mid-quarter convention rates for property placed in service in the fourth quarter.) (Click the icon to view the MACRS half-year convention rates.) Read the requirements. More info Asset #1: $1,160,000 cost; placed in service in February. Asset #2: $1,250,000 cost; placed in service in November. Print Done Requirements Compute Lyman's total depreciation deduction for 2021 under each of the following assumptions: a. Lyman elects the $1.05 million for Asset #1. b. Lyman elects the $1.05 million for Asset #2. es, X.XXX%. Round the MACRS depreciation to the nearest dollar. Print Done