Goodrich Corporation uses the calendar year as its tax year. It acquires and places into service two depreciable assets during 2023:

• Asset #1: 7-year property; \($950,000\) cost;

placed into service on January 20.

• Asset #2: 5-year property; \($400,000\) cost;

placed into service on August 1.

What are Goodrich’s depreciation deductions for 2023 and 2024 in each of the following situations if this is the only property it places into service in those years?

a. Goodrich does not elect Sec. 179 expensing and elects out of bonus depreciation for the machine.

b. Goodrich elects Sec. 179 expensing for the assets (to maximize its total 2023 depreciation deduction) and does not elect out of bonus depreciation.