Thom Jones (SSN 000-00-1111) is an unincorporated manufacturer of widgets. He uses the LCM method to value his inventory and reports the following for 2014:

Sales (less returns and allowances) $1,250,000

Cost of goods sold 500,000

Office expenses 10,000

Depreciation* ?

Legal services 4,000

Salary expenses 36,000

Travel expenses 30,000

Repair expenses 20,000

* Information related to Mr. Jones's depreciation:

Cost of office furniture acquired and placed in service on

April 15, 2014 (7-year recovery). $480,000

Cost of other property acquired and placed in service on

August 1, 2014:

5-year recovery property (computers-not listed property) 6,000

7-year recovery property (equipment) 54,000

Depreciation on assets purchased prior to 2014: 28,000

Complete Thom's 2014 Form 4562 and Schedule C of Form 1040, assuming Thom elects to expense the maximum amount possible under Sec. 179 but elects out of bonus depreciation.