Problem 8-5 Modified Accelerated Cost Recovery System (MACRS), Election to Expense (Section 179) (LO 8.2, 8.3) Mike purchases a new heavy-duty truck (5-year class recovery property) for his delivery service on March 30, 2022. No other assets were purchased during the year. The truck is not considered a passenger automobile for purposes of the listed property and luxury automobile limitations. The truck has a depreciable basis of $50,000 and an estimated useful life of 5 years. Assume half-year convention for tax. Click here to access the depreciation tables. a. Calculate the amount of depreciation for 2022 using the straight-line depreciation election, using MACRS tables over the minimum number of years with no bonus depreciation or election to expense. q Foodhack Chack My Work b. Calculate the amount of depreciation for 2022, including bonus depreciation but no election to expense, that Mike could deduct using the MACRS tables. 4 x c. Calculate the amount of depreciation for 2022 induding the election to expense but no bonus depreciation that Mike could deduct. Assume no income limit on the expense election. 4