! Required information Problem 10-56 (LO 10-2, LO 10-3) (Algo) [The following information applies to the questions displayed below.] AMP Corporation (calendar-year-end) has 2020 taxable income of $1,900,000 for purposes of computing the $179 expense. During 2020, AMP acquired the following assets: (Use MACRS Table 1, Table 2. Table 3, Table 4 and Table 5.) Asset Machinery Computer equipment Office building Total Placed in Service September 12 February 10 April 2 Basis $ 1,300,000 370,000 485,000 $ 2,155,000 Problem 10-56 Part a (Algo) a. What is the maximum amount of $179 expense AMP may deduct for 2020? Answer is complete but not entirely correct. Maximum $179 expense deductible $ 500,000 Required information Problem 10-56 (LO 10-2, LO 10-3) (Algo) (The following information applies to the questions displayed below.) AMP Corporation (calendar-year-end) has 2020 taxable income of $1,900,000 for purposes of computing the $179 expense. During 2020, AMP acquired the following assets: (Use MACRS Table 1, Table 2. Table 3, Table 4 and Table 5.) Asset Machinery Computer equipment Office building Total Placed in Service September 12 February 10 April 2 Basis $ 1,300,000 370,000 485,000 $ 2,155,000 Problem 10-56 Part b (Algo) b. What is the maximum total depreciation, including $179 expense, that AMP may deduct in 2020 on the assets it placed in service in 2020, assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) Answer is complete but not entirely correct. Maximum total depreciation (including $179 expense) $ 697,142