[The following information applies to the questions displayed below.] Check m Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2021. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2021: Cost $ 210,000 1,572,000 52,000 Date Placed in Service 02/03/2021 Asset Office furniture Machinery Used delivery truck* *Not considered a luxury automobile. 07/22/2021 08/17/2021 During 2021, Karane was very successful (and had no 179 limitations) and decided to acquire more assets in 2022 to increase its production capacity. These are the assets acquired during 2022: Date Placed in Service Asset Computers and information system Luxury auto* Assembly equipment Cost $ 412,000 83,000 1,260,000 03/31/2022 05/26/2022 08/15/2022 Storage building 700,000 11/13/2022 *Used 100% for business purposes. Karane generated taxable income in 2022 of $1,747,500 for purposes of computing the $179 expense limitation. (Use MACRS Table 1, Table 2, Table 3, Table 4, Table 5, and Exhibit 10-10.) Note: Leave no answer blank. Enter zero if applicable. Input all the values as positive numbers. Required: Compute the maximum 2021 depreciation deductions, including 179 expense (ignoring bonus depreciation). Description Cost 179 Expense MACRS Basis Current MACRS Depreciation Total Cost Recovery Deduction Office furniture Machinery $ Used delivery truck 210,000 $ 1,572,000 52,000 0 $ 0 210,000 1,572,000 $ 30,009 $ 30,009 168,361 168,361 0 Total $ 1,834,000 $ 0 $ 52,000 1,834,000 $ 10,400 10,400 208,770 $ 208,770 b. Compute the maximum 2022 depreciation deductions, including 179 expense (ignoring bonus depreciation). Description 2021 Assets Office furniture Machinery Used delivery truck Cost Section 179 Expense MACRS Basis Current MACRS Depreciation Total Cost Recovery Deduction $ 210,000 $ 0 $ 210,000 $ 52,290 $ 52,290 1,572,000 0 1,572,000 0 52,000 0 52,000 0 2022 Assets Computers and Information System 412,000 0 412,000 0 Luxury Auto 83,000 0 83,000 0 Assembly Equipment 1,260,000 1,080,000 0 1,080,000 Storage Building 700,000 0 700,000 0 Total $ 4,289,000 $ 1,080,000 $ 3,029,000 $ 52,290 $ 1,132,290 Total Cost Recovery Deduction c. Compute the maximum 2022 depreciation deductions, including 179 expense, but now assume that Karane would like to take bonus depreciation. Description 2021 Assets Section 179 Cost Bonus MACRS Basis Current MACRS Expense Depreciation Office Furniture Machinery Used Delivery Truck 2022 Assets Computers and Information System Luxury Auto Assembly Equipment Storage Building Total 69 69 0 $ 0 69 0 $ 0 69 $ 0 0 0 0 0 0 0 0 $ 69 0 Assume that Karane takes the maximum section 179 expense for the Assembly Equipment. $ Description Cost Section 179 Expense Bonus MACRS Basis Current MACRS Depreciation Current Amortization Total Cost Recovery Deduction 2021 Assets Office Furniture Machinery Used Delivery Truck 2022 Assets Computers and Information System Luxury Auto Assembly Equipment Storage Building Inventory Office Furniture Machinery Patent Goodwill Building Land Totals 69 0 69 69 0 69 0 69 0 69 0 $