Required information (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 $ 89,500 91,250 230,000 Assume its taxable income for the year was $41,250 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.) s a. What is the maximum amount of $179 expense Dain's may deduct for the year? $179 expense