Required information [The following information applies to the questions displayed below.) Woolard Supplies (a sole proprietorship) has taxable income in 2020 of $240,000 before any depreciation deductions ($179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Placed In Service Basis Office furniture (used) March 20 $1,196,000 Asset a. If Woolard elects $50,000 of $179, what is Woolard's total depreciation deduction for the year? Woolard's total depreciation b. If Woolard elects the maximum amount of $179 for the year, what is the amount of deductible $179 expense for the year? What is the total depreciation that Woolard may deduct in 2020? What is Woolard's $179 carryforward amount to next year, if any? Deductible $179 expense Total depreciation deduction $179 carryforward c. Woolard is concerned about future limitations on its $179 expense. How much $179 expense should Woolard expense this year if it wants to maximize its depreciation this year and avoid any carryover to future years? $179 expense