The Gina Company buys office equipment costing $1,124,000 on May 12,2023 . The office equipment is considered to be 7 year property for income tax purposes. REQUIRED: (1) Assume that the company elects to use the Section 179 deduction allowed for 2023 but elects not to take the bonus depreciation in that year. Using the attached form, calculate the amount of cost recovery deduction the company is allowed in 2023? Show supporting calculations. (2) Using the attached forn: and based upon the calculations made in (1) above, show the calculations the company should make for the cost recovery deductions for years 2024 and 2025. (3) Suppose that in 2026, new and improved models of this equipment make the current equipment obsolete and Gina sells the current equipment for $34,000 on December 27, 2026. (a) Using the attached form, calculate the amount of cost recovery deduction the company will be allowed on the equipment for 2026. Show supporting calculations. (b) Using the attached form, calculate the company's gain or loss on the sale of the equipment in 2026. Show supporting calculations