Triton Industries acquires $650,000 of 7-year MACRS equipment in March 2022. Tritons tax director understands that there are three ways that Triton can recover the cost of the equipment: (1) expense it (2) bonus depreciation (3) regular depreciation.

REQUIRED:

(A) Complete the following table (12 points)

Tax Year	Section 179 expense	Bonus Depreciation	Regular Depreciation
2022	650,000	?	92,857
2023	0	?	159,184

** I HAVE ALREADY FIGURED OUT TWO SECTIONS, JUST NEED BONUS DEPRECIATION. PLEASE EXPLAIN HOW, AND NOTE THIS IS 2022, WHICH MEANS 100% BONUS IS ABLE TO BE USED.

For the bonus and the section 179

(B) Is an election required for either, or both? 4 points

(C) IF no elections are made which one is the default deduction? 4 points ** I put that the default deduction (for C) would be the regular depreciation via MACRS method. Please correct me if I'm wrong