Required information

$[$The following information applies to the questions displayed below.$]$

AMP Corporation $($calendar$-$year$-$end$)$ has $2020$ taxable income of $$1,900,000$ for purposes of computing the $$179$

expense. During $2020,$ AMP acquired the following assets: $($Use MACRS Table $1,$ Table $2,$ Table $3,$ Table $4$ and Table $5.)$

b$.$ What is the maximum total depreciation, including $179$ expense, that AMP may deduct in $2020$ on the assets it placed in service in

$2020,$ assuming no bonus depreciation? $($Round your intermediate calculations and final answer to the nearest whole dollar

amount.$)$

Answer is complete but not entirely correct. Required information

$[$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.$)$

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 $$179$ carryforward amount to next year, if any?