In 2021, Whitman Corporation purchases two assets and places them into service (both have 7-year MACRS recovery period): (Click the icon to view the assets.) Whitman 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. Requirement a. Compute Whitman's total depreciation deduction for 2021 if it elects the $1.05 million for Asset #1. (Enter amounts in whole dollars. Use MACRS rates to three decimal places, X.XXX%. Round the MACRS depreciation to the nearest dollar. Complete all input fields. Enter a "0" if no Sec. 179 deduction is taken. ) Sec. 179 expensing MACRS depreciation Total 2021 depreciation Total for both Asset #1 Asset #2 Assets 1,050,000 52,500 1,102,500 1,050,000 44,268 44,268 96,768 1146768 Requirement b. Compute Whitman's total depreciation deduction for 2021 if it elects the $1.05 million for Asset #2. (E Enter a "0" if no Sec. 179 deduction is taken.) Sec. 179 expensing MACRS depreciation Total 2021 depreciation Asset #1 Asset #2 Total for both Assets More info Asset #1: $1,120,000 cost; placed in service in February. Asset #2: $1,230,000 cost; placed in service in November. Round the MACRS depreciation to the nearest dollar. Complete all input fields. Print Done