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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 b (Algo) b. What is the maximum total depreciation, including $179 expense, that AMP may deduct in 2022 on the assets it placed in service in 2022, assuming no bonus depreciation? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Required information Problem 10-59 (LO 10-2, LO 10-3) (Algo) [The following information applies to the questions displayed below.] Dain's Diamond Bit Drilling purchased the following assets this year. Assume its taxable income for the year was $71,000 for purposes of computing the $179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Leave no answer blank. Enter zero if applicable. Problem 10-59 Part a (Algo) a. What is the maximum amount of $179 expense Dain's may deduct for the year
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