Concept Summary 8.5 below

Exercise 5-8 (Algorithmic) (LO. 7) In 2019, McKenzie purchased qualifying equipment for his business that cost $330,700. The taxable income of the business for the year is $111,500 before consideration of any 179 deduction. If an amount is zero, enter "O". a. Calculate McKenzie's 179 expense deduction for 2019 and any carryover to 2020. $ 179 expense deduction for 2019: $ $ 179 carryover to 2020: $ b. How would your answer change if McKenzie decided to use additional first-year (bonus) depreciation on the equipment instead of using $ 179 expensing? Hint: See Concept Summary 8.5. $ 179 expense deduction for 2019: $ $ 179 carryover to 2020: $ Concept Summary 8.5 Using $ 179 and Bonus Depreciation in 2019 Use $ 179 Exclusively Use Both $ 179 and Bonus Depreciation Use Bonus Depreciation Exclusively $1,020,000 $3,570,000 Total Qualifying Property Placed in Service (2019)