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 $ 120,500 139,750 313,000 Assume its taxable income for the year was $58,500 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.) a. What is the maximum amount of 5179 expense Dain's may deduct for the year? $179 expense c. If the January drill bits' original basis was $2,497,500, what is the maximum amount of 5179 expense Dain's may deduct for the year? 5179 expense d. If the January drill bits' original basis was $24,597,500, what is the maximum amount of $179 expense Dain's may deduct for the year? Masdum $179 expense