Required information [The following information applies to the questions displayed below.] Dain's Diamond Bit Diling purchased the following assets this year Original Purchase Asset Drii bits (5-year ) Drill bits (5-year) Commercial building Date Basis July 25 April 22 January 25 $ 90,000 95,000 220,000 Assume its taxable income for the year was $53,000 for purposes of computing the 5179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) c. If the January drill bits, original basis was $2,375,000, what is the maximum amount of 179 expense Dain may deduct for the year? Answer is complete but not entirely correct 79 expense $30,000