Required information Comprehensive Problem 10-76 (LO 10-1, LO 10-2, LO 10-3, LO 10-4, LO 10-5) (Algo) [The following information applies to the questions displayed below) Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2020. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2020: Date Placed in Asset Cont Service office furniture $ 310,000 02/03/2020 Machinery 1,592,000 07/22/2020 Used delivery truck 72.000 08/17/2020 Not considered a luxury automobile. During 2020, Karane was very successful and had no 5179 limitations) and decided to acquire more assets in 2021 to Increase its production capacity. These are the assets acquired during 2021 Date Placed in Asset Cost Service Computers and information sypten $ 432,000 03/31/2021 Luxury autot 88,000 05/26/2021 Assembly equipment 1.360,000 08/15/2021 Storage building 800,000 11/13/2021 Used 100% for business purposes. Karane generated taxable income in 2021 of $1.772,500 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.) Comprehensive Problem 10-76 Part a (Algo) Required: a. Compute the maximum 2020 depreciation deductions, including 6179 expense (ignoring bonus depreciation), Description Cost $179 Expense MACRS Basis Current MACRS Depreciation Total Cost Recovery Deduction $ Office furniture Machinery Used delivery truck Total ODOO 0 $ $ 0 $ ols 0 0 $ (Algo) Required: b. Compute the maximum 2021 depreciation deductions, including 8179 expense (ignoring bonus depreciation). ok Description Cost Section 179 Expense MACRS Basis Current MACRS Depreciation Total Cost Recovery Deduction nces $ 0 0 0 2020 Assets Office furniture Machinery Used delivery truck 2021 Assets Computers and Information System Luxury Auto Assembly Equipment Storage Building Total 0 0 0 0 $ 0 $ 0 $ 0 $ 0 $ 0 Required: c. Compute the maximum 2021 depreciation deductions, including 5179 expense, but now assume that Korone would like to take bonus depreciation Description Cost Section 179 Expense Bonus MACRS Bash Current MACRS Depreciation Total Cont Recovery Deduction 5 Oool 0 2020 Assets Office Furniture Machinery Used Delivery Truck 2021 Assets Computers and Information System Luxury Auto Assembly Equipment Storage Building Total OOOOO $ 0 $ os os 0 05 Required: d. Now assume that during 2021, Karane decides to buy a competitor's assets for a purchase price of $1,541.680. Compute the maximum 2021 cost recovery, including 5179 expense and bonus depreciation Karane purchased the following assets for the lump- sum purchase price: (Round your final answers to the nearest whole dollar amount.) Date Placed in Asset Cost Service Inventory S 252,000 09/15/2021 office furniture 262,000 09/15/2021 Machinery 282,000 09/15/2021 Patent 226,800 09/15/2021 Goodwili 4,880 09/15/2021 Building 462,000 09/15/2021 Land 52.000 09/15/2021 Assume that karane takes the maximum section 179 expense for the Assembly Equipment. Cost Description Section 179 Expense MACRS Basis Bonus Current MACRS Depreciation Current Amortization Total Cont Recovery Deduction 2020 Assets Assume that karane takes the maximum section 179 expense for the Assembly Equipment Description Cost Section 179 Expense Bonus MACRS Basis Total Coat Current MACRS Current Depreciation Amortization Deduction $ lololol 2020 Assets Office Furniture Machinery Used Delivery Truck 2021 Assets Computers and Information System Luxury Auto Assembly Equipment Storage Building Inventory Office Furniture Machinery Patent Goodwill Building Land Totals 0 0 0 0 0 0 $ 0 $ 0 $ 0 $ 0 $ Ols 0 $ Required information Comprehensive Problem 10-76 (LO 10-1, LO 10-2, LO 10-3, LO 10-4, LO 10-5) (Algo) [The following information applies to the questions displayed below) Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2020. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2020: Date Placed in Asset Cont Service office furniture $ 310,000 02/03/2020 Machinery 1,592,000 07/22/2020 Used delivery truck 72.000 08/17/2020 Not considered a luxury automobile. During 2020, Karane was very successful and had no 5179 limitations) and decided to acquire more assets in 2021 to Increase its production capacity. These are the assets acquired during 2021 Date Placed in Asset Cost Service Computers and information sypten $ 432,000 03/31/2021 Luxury autot 88,000 05/26/2021 Assembly equipment 1.360,000 08/15/2021 Storage building 800,000 11/13/2021 Used 100% for business purposes. Karane generated taxable income in 2021 of $1.772,500 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.) Comprehensive Problem 10-76 Part a (Algo) Required: a. Compute the maximum 2020 depreciation deductions, including 6179 expense (ignoring bonus depreciation), Description Cost $179 Expense MACRS Basis Current MACRS Depreciation Total Cost Recovery Deduction $ Office furniture Machinery Used delivery truck Total ODOO 0 $ $ 0 $ ols 0 0 $ (Algo) Required: b. Compute the maximum 2021 depreciation deductions, including 8179 expense (ignoring bonus depreciation). ok Description Cost Section 179 Expense MACRS Basis Current MACRS Depreciation Total Cost Recovery Deduction nces $ 0 0 0 2020 Assets Office furniture Machinery Used delivery truck 2021 Assets Computers and Information System Luxury Auto Assembly Equipment Storage Building Total 0 0 0 0 $ 0 $ 0 $ 0 $ 0 $ 0 Required: c. Compute the maximum 2021 depreciation deductions, including 5179 expense, but now assume that Korone would like to take bonus depreciation Description Cost Section 179 Expense Bonus MACRS Bash Current MACRS Depreciation Total Cont Recovery Deduction 5 Oool 0 2020 Assets Office Furniture Machinery Used Delivery Truck 2021 Assets Computers and Information System Luxury Auto Assembly Equipment Storage Building Total OOOOO $ 0 $ os os 0 05 Required: d. Now assume that during 2021, Karane decides to buy a competitor's assets for a purchase price of $1,541.680. Compute the maximum 2021 cost recovery, including 5179 expense and bonus depreciation Karane purchased the following assets for the lump- sum purchase price: (Round your final answers to the nearest whole dollar amount.) Date Placed in Asset Cost Service Inventory S 252,000 09/15/2021 office furniture 262,000 09/15/2021 Machinery 282,000 09/15/2021 Patent 226,800 09/15/2021 Goodwili 4,880 09/15/2021 Building 462,000 09/15/2021 Land 52.000 09/15/2021 Assume that karane takes the maximum section 179 expense for the Assembly Equipment. Cost Description Section 179 Expense MACRS Basis Bonus Current MACRS Depreciation Current Amortization Total Cont Recovery Deduction 2020 Assets Assume that karane takes the maximum section 179 expense for the Assembly Equipment Description Cost Section 179 Expense Bonus MACRS Basis Total Coat Current MACRS Current Depreciation Amortization Deduction $ lololol 2020 Assets Office Furniture Machinery Used Delivery Truck 2021 Assets Computers and Information System Luxury Auto Assembly Equipment Storage Building Inventory Office Furniture Machinery Patent Goodwill Building Land Totals 0 0 0 0 0 0 $ 0 $ 0 $ 0 $ 0 $ Ols 0 $