Required information Comprehensive Problem 10-76 (LO 10-1, LO 10-2, LO 10-3, LO 10-4, LO 10-5) (The following information applies to the questions displayed below.) Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2019. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2019: Asset Office furniture Machinery Used delivery truck* Cost $ 150,000 1,560,000 40,000 Date Placed in Service 02/03/2019 07/22/2019 08/17/2019 *Not considered a luxury automobile. During 2019, Karane was very successful (and had no 8179 limitations) and decided to acquire more assets in 2020 to increase its production capacity. These are the assets acquired during 2020: Asset Computers & info. system Luxury autot Assembly equipment Storage building Cost $ 400,000 80,000 1,200,000 700,000 Date Placed in Service 03/31/2020 05/26/2020 08/15/2020 11/13/2020 Used 100% for business purposes. Karane generated taxable income in 2020 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.) b. Compute the maximum 2020 depreciation deductions, including $179 expense (ignoring bonus depreciation). Answer is not complete. Sec. 179 MACRS Current Expense Basis MACRS Depreciation Description Cost Total Cost Recovery Deduction $ $ 0 $ 36,735 $ 2019 Assets Office furniture Machinery Used delivery truck 150,000 1,560,000 40,000 $ 150,000 540,000 40,000 36,735 0 12,800 0 12,800 0 2020 Assets Computers & Info. System Luxury Auto Assembly Equipment Storage Building 0 0 0 400,000 80,000 1,200,000 700,000 0 2,247 0 700,000 2,247 Total 2020 Cost Recovery $ 4,130,000 $ 0 $ 1,430,000 $ 51,782 $ 51,782