McKenzie purchased qualifying equipment for his business that cost $293,600 in 2022 . The taxable income of the business for the year is $148,900 before consideration of any 5179 deduction. If an amount is zero, enter " 0 ". a. Calculate Mckenzie's $179 expense deduction for 2022 and any carryover to 2023. \$ 179 expense deduction for 2022 : \& \$ 179 carryover to 2023: $ b. How would your answer change if McKenzie decided to use additional first-year (bonus) depreciation on the equipment instead of using 5179 expensing? Hint: See Concept Summary 8.3. \$ 179 expense deduction for 2022: \$ 5179 carryover to 2023:$ Feedback. r Check My Work Section 179 (Election to Expense Certain Depreciable Business Assets) permits the taxpayer to elect to write off a certain amount of the acquisition cost of tangible personal property used in a trade or business. Exercise 8-24 (Algorithmic) (LO. 3) Mckenzie purchased qualifying equipment for his business that cost $293,600 in 2022. The taxable income of the business for the year is $148,900 before consideration of any $179 deduction. If an amount is zero, enter " 0 ". a. Calculate McKenzie's $179 expense deduction for 2022 and any carryover to 2023. 5. 179 expense deduction for 2022: \$ \$ 179 carryover to 2023:; b. How would your answer change if McKenzie decided to use additional first-year (bonus) depreciation on the equipment instead of using \$ 179 expensing? Hint: See Concept Summary 8.3. 5 179 expense deduction for 2022: \$ $179 carryover to 2023:$