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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
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 $65,000 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? 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 $65,000 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 b (Algo) b. What is Dain's maximum depreciation deduction for the year (including $179 expense)? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount
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