Square Corporation acquired and placed in service the following 100% business-use assets. Square did not claim Sec. 179 or bonus depreciation expensing on any of these properties. View the business-use assets. View the MACRS half-year convention rates. View the MACRS mid-quarter convention rates for property placed in service in the first quarter. View the MACRS mid-quarter convention rates for property placed in service in the fourth quarter. View the MACRS straight-line rates for 39-year property. Read the requirements. Requirement a. What is Square's total depreciation deduction in 2022? (Use MACRS rates to three decimal places, X.XXX%. Round all amounts to the nearest dollar. Complete all input fields. Enter a "0" if no Truck Asset Machinery 2022 Depreciation Land Building Total depreciation Business-Use Assets Truck (light-duty, modified non-personal use) costing $40,000: Placed in service on March 3, 2022 with a 5-year MACRS recovery period. Machinery costing $65,000: Placed in service on November 15, 2022 with a 7-year MACRS recovery period. Land costing $90,000: Placed in service on October 12, 2022. Building costing $220,000: Placed in service on December 4, 2022 with a 39-year MACRS recovery period. MACRS Half-year Convention Rates General Depreciation System--MACRS Personal Property Placed in Service After 12/31/86 Applicable Convention: Half-Year Applicable Depreciation Method: 200 or 150 Percent Declining Balance Switching to Straight Line Recovery period and Depreciation Rates Recovery Year 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year Year 1 33.33 20.00 14.29 10.00 5.00 3.750 Year 2 44.45 32.00 24.49 18.00 9.50 7.219 Year 3 14.81 19.20 17.49 14.40 8.55 6.677 Year 4 7.41 11.52 12.49 11.52 7.70 6.177 Year 5 11.52 8.93 9.22 6.93 5.713 Year 6 5.76 8.92 7.37 6.23 5.285 Year 7 8.93 6.55 5.90 4.888 Year 8 4.46 6.55 5.90 4.522 Year 9 6.56 5.91 4.462 Year 10 6.55 5.90 4.461 Year 11 3.28 5.91 4.462 Year 12 5.90 4.461 Year 13 5.91 4.462 Year 14 5.90 4.461 Year 15 5.91 4.462 Year 16 2.95 4.461 Year 17 4.462 Year 18 4.461 Year 19 4.462 Year 20 4.461 Year 21 2.231 MACRS Mid-Quarter (Property Placed in Service in First Quarter) General Depreciation System--MACRS Personal Property Placed in Service After 12/31/86 Applicable Convention: Mid-Quarter (Property Placed in Service in First Quarter) Applicable Depreciation Method: 200 or 150 Percent Declining Balance Switching to Straight Line Recovery period and Depreciation Rates Recovery Year 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year Year 1 58.33 35.00 25.00 17.50 8.75 6.563 Year 2 27.78 26.00 21.43 16.50 9.13 7.000 Year 3 12.35 15.60 15.31 13.20 8.21 6.482 Year 4 1.54 11.01 10.93 10.56 7.39 5.996 Year 5 11.01 8.75 8.45 6.65 5.546 Year 6 1.38 8.74 6.76 5.99 5.130 Year 7 8.75 6.55 5.90 4.746 Year 8 1.09 6.55 5.91 4.459 Year 9 6.56 5.90 4.459 Year 10 6.55 5.91 4.459 Year 11 0.82 5.90 4.459 Year 12 5.91 4.460 Year 13 5.90 4.459 Year 14 5.91 4.460 Year 15 5.90 4.459 Year 16 0.74 4.460 Year 17 4.459 Year 18 4.460 Year 19 4.459 Year 20 4.460 Year 21 0.557 MACRS Mid-Quarter (Property Placed in Service in Fourth Quarter General Depreciation System-MACRS Personal Property Placed in Service After 12/31/86 Applicable Convention: Mid-Quarter (Property Placed in Service in Fourth Quarter) Applicable Depreciation Method: 200 or 150 Percent Declining Balance Switching to Straight Line Recovery period and Depreciation Rates Recovery Year 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year Year 1 8.33 5.00 3.57 2.50 1.25 0.938 Year 2 61.11 38.00 27.55 19.50 9.88 7.430 Year 3 20.37 22.80 19.68 15.60 8.89 6.872 Year 4 10.19 13.68 14.06 12.48 8.00 6.357 Year 5 10.94 10.04 9.98 7.20 5.880 Year 6 9.58 8.73 7.99 6.48 5.439 Year 7 8.73 6.55 5.90 5.031 Year 8 7.64 6.55 5.90 4.654 Year 9 6.56 5.90 4.458 Year 10 6.55 5.91 4.458 Year 11 5.74 5.90 4.458 Year 12 5.91 4.458 Year 13 5.90 4.458 Year 14 5.91 4.458 Year 15 5.90 4.458 Year 16 5.17 4.458 Year 17 4.458 Year 18 4.459 Year 19 4.458 Year 20 4.459 Year 21 3.901 MACRS Straight-line Rates for 39-year Property General Depreciation System-MACRS Nonresidential Real Property Placed in Service After 5/12/93 Applicable Recovery Period: 39 years Applicable Depreciation Method: Straight Line Month in the First Recovery Year the Property Is Placed in Service and Depreciation Rate Recovery Year 1 2 3 4 5 6 Year 1 2.461 2.247 2.033 1.819 Years 2-39 2.564 2.564 2.564 2.564 Year 40 0.107 0.321 0.535 0.749 0.963 1.177 7 8 1.605 1.391 1.177 0.963 0.749 2.564 2.564 2.564 2.564 2.564 1.391 9 10 11 12 0.535 0.321 0.107 2.564 2.564 2.564 1.605 1.819 2.033 2.247 2.461 Requirements a. What is Square's total depreciation deduction in 2022? b. Square Corporation sells the machinery on February 2, 2024 and sells the building on September 18, 2024. What are the adjusted bases of these two assets on the dates of sale (compute accumulated depreciation to date of sale)