Problem 10 56 (LO 10 2, LO 10 3) The following information applies to the questions displayed below AMP Corporation (calendar year end) has 2018 taxable income of $1,000,000 for purposes of computing the 179 expense During 2018, AMP acquired the following assets (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5 ) Placed in Asset Service Basis Machinery September 12 $ 1,550,000 Computer equipment February 10 365,000 Office building April 2 480,000 Total $ 2,395,000 a What is the maximum amount of 179 expense AMP may deduct for 2018 b What is the maximum total depreciation, including 179 expense, that AMP may deduct in 2018 on the assets it placed in service in 2018 assuming no bonus depreciation (Round your intermediate calculations to the nearest whole dollar amount )

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Problem 10-56 (LO 10-2, LO 10-3) [The following information applies to the questions displayed below.] AMP Corporation (calendar-year-end) has 2018 taxable income of $1,000,000 for

Problem 10-56 (LO 10-2, LO 10-3)

[The following information applies to the questions displayed below.]

AMP Corporation (calendar-year-end) has 2018 taxable income of $1,000,000 for purposes of computing the 179 expense. During 2018, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)

	Placed in
Asset	Service		Basis
Machinery	September 12	$	1,550,000
Computer equipment	February 10		365,000
Office building	April 2		480,000
Total		$	2,395,000

a. What is the maximum amount of 179 expense AMP may deduct for 2018?

b. What is the maximum total depreciation, including 179 expense, that AMP may deduct in 2018 on the assets it placed in service in 2018 assuming no bonus depreciation? (Round your intermediate calculations to the nearest whole dollar amount.)