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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 2022 taxable
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 2022 taxable income of $1,900,000 for purposes of computing the 179 expense. During 2022, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Problem 10-56 Part a (Algo) a. What is the maximum amount of 179 expense AMP may elect and deduct for 2022? 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 2022 taxable income of $1,900,000 for purposes of computing the 179 expense. During 2022, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Problem 10-56 Part b (Algo) Assuming the maximum 179 expense is elected and applied in a way which maximizes total depreciation, what is the total lepreciation (including $179 expense) that AMP may deduct in 2022 on the assets it placed in service in 2022 ? Ignore bonus lepreciation. Note: Round your intermediate calculations and final answer to the nearest whole dollar amount
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