Required information [The following information applies to the questions displayed below.] Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2019. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2019: Asset Cost Date Placed in Service Office furniture Machinery Used delivery truck $ 150,000 1,560,000 40,000 02/03/2019 07/22/2019 08/17/2019 "Not considered a luxury automobile. During 2019, Karane was very successful (and had no $179 limitations) and decided to acquire more assets in 2020 to increase its production capacity. These are the assets acquired during 2020: Date Placed in Asset Computers & info. system $ Cost 400,000 Service 03/31/2020 Luxury autof 80,000. 05/26/2020 Assembly equipment Storage building Used 100% for business purposes. 1,200,000 700,000 08/15/2020 11/13/2020