Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2021. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2021: Cost Office furniture$ 150,000 Asset Machinery Used delivery truck* Date Placed in Service 02/03/2021 1,560,000 07/22/2021 40,000 08/17/2021 "Not considered a luxury automobile. During 2021, Karane was very successful (and had no 179 limitations) and decided to acquire more assets in 2022 to increase its production capacity. These are the assets acquired during 2022: Asset Cost Date Placed in Service Computers and information system Luxury auto $ 400,000 03/31/2022 80,000 05/26/2022 Assembly equipment 1,200,000 08/15/2022 Storage building 700,000 11/13/2022 "Used 100% for business purposes.