Question: Comprehensive Problem 10-76 (LO 10-1, LO 10-2, LO 10-3, LO 10-4, LO 10-5) (Algo) Skip to question [The following information applies to the questions displayed
Comprehensive Problem 10-76 (LO 10-1, LO 10-2, LO 10-3, LO 10-4, LO 10-5) (Algo) Skip to question [The following information applies to the questions displayed below.] Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2022. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2022: Asset Cost Date Placed in Service Office furniture $ 400,000 02/03/2022 Machinery 1,810,000 07/22/2022 Used delivery truck*Note: 90,000 08/17/2022 *Note:Not considered a luxury automobile. During 2022, Karane was very successful (and had no 179 limitations) and decided to acquire more assets in 2023 to increase its production capacity. These are the assets acquired during 2023: Asset Cost Date Placed in Service Computers and information system $ 450,000 03/31/2023 Luxury auto*Note: 92,500 05/26/2023 Assembly equipment 1,450,000 08/15/2023 Storage building 800,000 11/13/2023 *Note:Used 100% for business purposes. Karane generated taxable income in 2023 of $1,795,000 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. Comprehensive Problem 10-76 Part a (Algo) Required: Compute the maximum 2022 depreciation deductions, including 179 expense (ignoring bonus depreciation). Note: Round your final answers to nearest whole dollar
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