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 24 August 07 June 17 Original Basis $ 92,000 97,000 260,000 Assume its taxable income for the year was $73,000 for purposes of computing the $179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Leave no answer blank. Enter zero if applicable. a. What is the maximum amount of 179 expense Dain's may deduct for the year? 179 expense 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 24 August 07 June 17 Original Basis $ 92,000 97,000 260,000 Assume its taxable income for the year was $73,000 for purposes of computing the $179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Leave no answer blank. Enter zero if applicable. b. What is Dain's maximum depreciation deduction for the year (including 179 expense)? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Depreciation Deduction (including 179 expense) 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 24 August 07 June 17 Original Basis $ 92,000 97,000 260,000 Assume its taxable income for the year was $73,000 for purposes of computing the 179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Leave no answer blank. Enter zero if applicable. c. If the February drill bits' original basis was $2,895,000, what is the maximum amount of 179 expense Dain's may deduct for the year? 179 expense 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 24 August 07 June 17 Original Basis $ 92,000 97,000 260,000 Assume its taxable income for the year was $73,000 for purposes of computing the 179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Leave no answer blank. Enter zero if applicable. d. If the February drill bits' original basis was $3,895,000, what is the maximum amount of $179 expense Dain's may deduct for the year? Maximum 179 expense