Question 4 25 points 1. Depreciation - Use the following information to prepare a deprecation schedule below. a. Red Ink opened its doors to customers on January 31 of the current year and purchased shown in the table on the following page. b. The company has elected to take bonus depreciation on 5-year property, and the 9179 deduction. c. Start-up expenses for the business were $15,000 and included legal fees, rent and salaries for the month of January. d. The company had net income for the year of $400,000. Required: 1. Compute the allowable 179 deduction for the year. 2. Complete the depreciation worksheet on the following page and compute total cost recovery for the year. 3. Compute the deductible start-up cost amortization expense for the year. Question 4 25 points 1. Depreciation - Use the following information to prepare a deprecation schedule below. a. Red Ink opened its doors to customers on January 31 of the current year and purchased shown in the table on the following page. b. The company has elected to take bonus depreciation on 5-year property, and the 9179 deduction. c. Start-up expenses for the business were $15,000 and included legal fees, rent and salaries for the month of January. d. The company had net income for the year of $400,000. Required: 1. Compute the allowable 179 deduction for the year. 2. Complete the depreciation worksheet on the following page and compute total cost recovery for the year. 3. Compute the deductible start-up cost amortization expense for the year