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 Office furniture Machinery Used delivery truck $ 150,000 1,560,000 40,000 Dato placed in Service 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: Computers & Info. system Luxury autot Assembly equipment Storage building Cost $ 480,000 39,000 1,200,000 700,000 Date placed in Service 03/31/2020 05/26/2020 08/15/2020 11/13/2020 Used 100% for business purposes. Karane generated taxable income in 2020 of $1732,500 for purposes of computing the 5179 expense limitation, (Use MACRS Iable 1. Table 2. Table 3. Table 4. Table 5, and Exhibit 10.10.) (Leave no answer blank. Enter zero if applicable. Input all the values os positive numbers.) b. Compute the maximum 2020 depreciation deductions, including $179 expense (ignoring bonus depreciation). Description Coat Sec. 179 Expense MACRS Basis Current MACRS Depreciation Total Cost Recovery Deduction 2019 Assets Office furniture S or $ 150,000 $ 0 150,000 $ 1,560,000 40,000 Machinery Used delivery truck 0 0 40,000 0 0 0 2020 Assets Computers & Info System Luxury Auto Assembly Equipment Storage Building 400,000 80,000 0 0 400,000 80,000 1,200,000 700,000 0 0 700,000 0 Total 2020 Cost Recovery $ 4,130,000 $ 0 $ 1,370,000 $ 0 $ 0 Table 1 MACRS Half-Year Convention Year 1 20-Year 3.750% 7.219 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Depreciation Rate for Recovery Period 3-Year 5-Year 7-Year 10-Year 15 Year 33.33% 20.00% 14.29% 10.00% 5.00% 44.45 32.00 24.49 18.00 9.50 14.81 19.20 17.49 14.40 8.55 7.41 11.52 12.49 11.52 7.70 11.52 8.93 9.22 6.93 5.76 8.92 7.37 6.23 8.93 6.55 5.90 4.46 6.55 5.90 6.56 5.91 6.55 b5.90 3.28 5.91 5.90 5.91 6.677 6.177 5.713 5.285 4.888 4.522 4.462 4.461 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 4.462 4.461 4.462 4.461 4.462 4.461 5.90 5.91 2.95 4.462 4.461 4.462 4.461 2.231 erto-c-media.meducation.com/Media/Connect Production/bin/accounting/spilker 120/ch10_table TABLE 2a MACRS Mid-Quarter Convention: For property placed in service during the first quarter Depreciation Rate for Recovery Period 5 Year 7-Year Year 1 35.00% 25.00% Year 2 26.00 21.43 Year 3 15.60 15.31 Year 4 11.01 10.93 Years 11.01 8.75 Year 6 1.38 8.74 Year 7 8.75 Years 1.09 TABLE 26 MACRS Mid Quarter Convention: For property placed in service during the second quarter Depreciation Rate for Recovery Period 5-Year 7-Year Year 1 25.00% 17.85% Year 2 30.00 23.47 Year 3 18.00 16.76 Year 4 11.37 11.97 Year 5 11.37 8.87 Year 6 4.26 8.87 Year 7 8.87 Year 8 3.34 TABLE 2 MACRS Mid Quarter Convention: For property placed in service during the third quarter Depreciation Rate for Recovery Period 5-Year 7-Year Year 1 15.00 10.7196 Year 2 34.00 25.51 Year 3 20.40 18.22 Type here to search De Yeur Year 4 Year 5 Year 6 x eztod media meducation.com/Media/Comedors/accounting speech 10. alem 18.00 16.76 11.37 11.97 11.37 8.87 4.26 8.82 Year 7 8.87 Years 3.34 TABLE 2 MACRS Mid Quarter Convention: For property placed in service during the third quarter Depreciation Rate for Recovery Period 5 Year 7-Year Year 1 15.00% 10.71% Year 2 34,00 25.51 Year 3 20.40 18.22 Year 4 12.24 13.02 Year 5 11 30 9.30 Year 6 7.06 8.85 Year 7 8.86 Year 8 5.53 TABLE 28 MACRS-Mid Quarter Convention: For property placed in service during the fourth quarter Depreciation Rate for Recovery Period 5-Year 7 Year Year 1 5.00% 3.579 Year 2 38.00 27.55 Year 3 22.80 19.68 Year 4 13.68 14.06 Year 5 10.94 10.04 Year 6 9.58 8.73 Year 7 8.73 Year 8 7.64 O i Type here to search DELL TARLE Sedatial Real Property and Math Curele Stright39 af placed in her May 13, 1993) Month reperty Placed in Service M1 Month Mouth Meath 4 Musth Meth Month Month Month 2011 1.1919 177 O. Svar 1-39 2364 Year 40 0.107 321 0.535 19 391 119 Me to Mais 11 Month