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. Asset Drill bits (5-year) Drill bits (5-year) Commercial building Purchase Date January 25 July 25 April 22 Original Basis $ 110,500 118,750 306,000 Assume its taxable income for the year was $57,000 for purposes of computing the $179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Leave no answer blank. Enter zero if applicable.) Problem 10-59 Part c (Algo) c. If the January drill bits' original basis was $2,486,500, what is the maximum amount of $179 expense Dain's may deduct for the year? $179 expense This is a numeric cell, so please enter numbers only. 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. Asset Drill bits (5-year) Drill bits (5-year) Commercial building Purchase Date January 25 July 25 April 22 Original Basis $ 110,500 118,750 306,000 Assume its taxable income for the year was $57,000 for purposes of computing the $179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Leave no answer blank. Enter zero if applicable.) Problem 10-59 Part d (Algo) d. If the January drill bits' original basis was $32,886,500, what is the maximum amount of $179 expense Dain's may deduct for the year? Maximum $179 expense