Comprehensive Problem 10-76 (LO 10-1, LO 10-2, LO 10-3, LO 10-4, LO 10-5) [The following information applies to the questions displayed below.) Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2019. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2019: Date Placed in Asset Cost Service Office furniture $ 150,000 02/03/2019 Machinery 1,560,000 07/22/2019 Used delivery truck 40,000 08/17/2019 'Not considered a luxury automobile. During 2019, Karane was very successful and had no 5179 limitations) and decided to acquire more assets in 2020 to increase its production capacity. These are the assets acquired during 2020: Asset Computers & info. system Luxury autot Assembly equipment Storage building tUsed 100% for business purposes. Cost $ 400,000 80,000 1,200,000 700,000 Date Placed in Service 03/31/2020 05/26/2020 08/15/2020 11/13/2020 Karane generated taxable income in 2020 of $1,732,500 for purposes of computing the $179 expense limitation. (Use MACRS Table 1. Table 2. Table 3. Table 4. Table 5, and Exhibit 10-10.) (Leave no answer blank. Enter zero if applicable. Input all the values as positive numbers.) Comprehensive Problem 10-76 Part a a. Compute the maximum 2019 depreciation deductions, including 5179 expense (ignoring bonus depreciation). Description Cost $179 Expense MACRS Basis Current MACRS Depreciation Total Cost Recovery Deduction $ Office furniture Machinery Delivery truck Total 2019 Cost Recovery O O O O $ 0 $ OS $ $ b. Compute the maximum 2020 depreciation deductions, including $179 expense (ignoring bonus depreciation). Description Cost Sec. 179 Expense MACRS Basis Current MACRS Depreciation Total Cost Recovery Deduction 2019 Assets Office furniture Machinery Used delivery truck $ Ooo 0 2020 Assets Computers & Info. System Luxury Auto Assembly Equipment Storage Building 0 0 0 Total 2020 Cost Recovery $ 0 $ 0 $ 0 $ 0 $ 0 Comprehensive Problem 10-76 Part c. Compute the maximum 2020 depreciation deductions, including $179 expense, but now assume that karane would like to take bonus depreciation. Description Cost Sec. 179 Expense Bonus MACRS Basis Current MACRS Depreciation Total Cost Recovery Deduction 2019 Assets Office Furniture Machinery Used Delivery Truck $ 0 0 0 2020 Assets 0 0 Computers & Info System Luxury Auto Assembly Equipment Storage Building 0 0 Total 2020 Cost Recovery $ 0 $ os 0 $ 0 $ 0 $ 0 Comprehensive Problem 10-76 Part c. Compute the maximum 2020 depreciation deductions, including $179 expense, but now assume that karane would like to take bonus depreciation. Description Cost Sec. 179 Expense Bonus MACRS Basis Current MACRS Depreciation Total Cost Recovery Deduction 2019 Assets Office Furniture Machinery Used Delivery Truck $ 0 0 0 2020 Assets 0 0 Computers & Info System Luxury Auto Assembly Equipment Storage Building 0 0 Total 2020 Cost Recovery $ 0 $ os 0 $ 0 $ 0 $ 0 Comprehensive Problem 10-76 (LO 10-1, LO 10-2, LO 10-3, LO 10-4, LO 10-5) [The following information applies to the questions displayed below.) Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2019. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2019: Date Placed in Asset Cost Service Office furniture $ 150,000 02/03/2019 Machinery 1,560,000 07/22/2019 Used delivery truck 40,000 08/17/2019 'Not considered a luxury automobile. During 2019, Karane was very successful and had no 5179 limitations) and decided to acquire more assets in 2020 to increase its production capacity. These are the assets acquired during 2020: Asset Computers & info. system Luxury autot Assembly equipment Storage building tUsed 100% for business purposes. Cost $ 400,000 80,000 1,200,000 700,000 Date Placed in Service 03/31/2020 05/26/2020 08/15/2020 11/13/2020 Karane generated taxable income in 2020 of $1,732,500 for purposes of computing the $179 expense limitation. (Use MACRS Table 1. Table 2. Table 3. Table 4. Table 5, and Exhibit 10-10.) (Leave no answer blank. Enter zero if applicable. Input all the values as positive numbers.) Comprehensive Problem 10-76 Part a a. Compute the maximum 2019 depreciation deductions, including 5179 expense (ignoring bonus depreciation). Description Cost $179 Expense MACRS Basis Current MACRS Depreciation Total Cost Recovery Deduction $ Office furniture Machinery Delivery truck Total 2019 Cost Recovery O O O O $ 0 $ OS $ $ b. Compute the maximum 2020 depreciation deductions, including $179 expense (ignoring bonus depreciation). Description Cost Sec. 179 Expense MACRS Basis Current MACRS Depreciation Total Cost Recovery Deduction 2019 Assets Office furniture Machinery Used delivery truck $ Ooo 0 2020 Assets Computers & Info. System Luxury Auto Assembly Equipment Storage Building 0 0 0 Total 2020 Cost Recovery $ 0 $ 0 $ 0 $ 0 $ 0 Comprehensive Problem 10-76 Part c. Compute the maximum 2020 depreciation deductions, including $179 expense, but now assume that karane would like to take bonus depreciation. Description Cost Sec. 179 Expense Bonus MACRS Basis Current MACRS Depreciation Total Cost Recovery Deduction 2019 Assets Office Furniture Machinery Used Delivery Truck $ 0 0 0 2020 Assets 0 0 Computers & Info System Luxury Auto Assembly Equipment Storage Building 0 0 Total 2020 Cost Recovery $ 0 $ os 0 $ 0 $ 0 $ 0 Comprehensive Problem 10-76 Part c. Compute the maximum 2020 depreciation deductions, including $179 expense, but now assume that karane would like to take bonus depreciation. Description Cost Sec. 179 Expense Bonus MACRS Basis Current MACRS Depreciation Total Cost Recovery Deduction 2019 Assets Office Furniture Machinery Used Delivery Truck $ 0 0 0 2020 Assets 0 0 Computers & Info System Luxury Auto Assembly Equipment Storage Building 0 0 Total 2020 Cost Recovery $ 0 $ os 0 $ 0 $ 0 $ 0