Required information Problem 10-62 (LO 10-2, LO 10-3) (Static) [The following information applies to the questions displayed below) Woolard Supplies (a sole proprietorship) has taxable income in 2020 of $240,000 before any depreciation deductions (5179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation (Use MACRS Table 1. Table 2. Table 3. Toble 4 and Table5) (Do not round Intermediate calculations. Round your answers to the nearest whole dollar amount.) reet office furniture (used) Placed in Service March 20 Basie $1,200,000 Problem 10-62 Part a (Static) a. If Woolard elects $50,000 of $179, what Is Woolard's total depreciation deduction for the year? Woolards total depreciation Required information Problem 10-62 (LO 10-2, LO 10-3) (Static) [The following information applies to the questions displayed below.) Woolard Supplies (a sole proprietorship) has taxable income in 2020 of $240,000 before any depreciation deductions (5179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Anset Office furniture (used) Placed in Service March 20 Babi $1,200,000 Problem 10-62 Part b (Static) b. If Woolard elects the maximum amount of $179 for the year, what is the amount of deductible $179 expense for the year? What is the total depreciation that Woolard may deduct in 2020? What is Woolard's 5179 carryforward amount to next year, if any? Deductible 5179 expense Total depreciation deduction 5179 carryforward ! Required information Problem 10-62 (LO 10-2, LO 10-3) (Static) [The following information applies to the questions displayed below.) Woolard Supplies (a sole proprietorship) has taxable income in 2020 of $240,000 before any depreciation deductions ($179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1. Table 2. Table 3. Table 4 and Table 5.) (Do not round Intermediate calculations. Round your answers to the nearest whole dollar amount.) Asset office furniture (used) Placed in Service March 20 Basis $1,200,000 Problem 10-62 Part c (Static) c. Woolard is concerned about future limitations on its 5179 expense. How much 5179 expense should Woolard expense this year if it wants to maximize its depreciation this year and avoid any carryover to future years? 5179 expense