Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2020. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2020: Asset Cost Office furniture $ 150,000 Machinery 1,560,000 Used delivery truck* 40,000 *Not considered a luxury automobile. Date Placed in Service 02/03/2020 07/22/2020 08/17/2020 During 2020, Karane was very successful (and had no $179 limitations) and decided to acquire more assets in 2021 to increase its production capacity. These are the assets acquired during 2021: Cost Asset Computers and information system $ 400,000 Luxury autot 80,000 Assembly equipment 1,200,000 Storage building 700,000 Date Placed in Service 03/31/2021 05/26/2021 08/15/2021 11/13/2021 tUsed 100% for business purposes. Karane generated taxable income in 2021 of $1,732,500 for purposes of computing the $179 expense limitation. (Use MACRS Table 1, Table 2, Table 3, Table 4, Table 5, and Exhibit 10-10) (Leave no answer blank. Enter zero if applicable. Input all the values as positive numbers.) Required: b. Compute the maximum 2021 depreciation deductions, including $179 expense (ignoring bonus depreciation). Answer is complete but not entirely correct. Description Cost Section 179 Expense MACRS Basis Current MACRS Depreciation Total Cost Recovery Deduction $ 36,735 150,000 $ 1,560,000 40,000 0$ 0 0 150,000 $ 560,000 40,000 36,735$ 80,024 X 12,800 80,024 12,800 2020 Assets Office furniture Machinery Used delivery truck 2021 Assets Computers and Information System Luxury Auto Assembly Equipment Storage Building Total 400,000 0 400,000 80,000 80,000 10,000 80,000 1,200,000 700,000 10,000 X 21,435 0 1,050,000 0 $ 1,050,000 80,000 150,000 700,000 $ 2,080,000 1,071,435 2,247 2,247 243,241 $ 4,130,000 $ $ 1,293,241