Dain's Diamond Bit Drilling purchased the following assets this year. Asset Purchase Date Drill bits (5-year)...

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Dain's Diamond Bit Drilling purchased the following assets this year. Asset Purchase Date Drill bits (5-year) Jan-23 Original Basis $ 90,200 Drill bits (5-year) Sep-21 May-17 Commercial building 95,200 224,000 Assume its taxable income for the year was $55,000 for purposes of computing the 179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Note: Leave no answer blank. Enter zero if applicable. b. What is Dain's maximum depreciation deduction for the year (including $179 expense)? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Depreciation Deduction (including $179 expense) $ 40,675 Dain's Diamond Bit Drilling purchased the following assets this year. Asset Purchase Date Drill bits (5-year) Jan-23 Original Basis $ 90,200 Drill bits (5-year) Sep-21 May-17 Commercial building 95,200 224,000 Assume its taxable income for the year was $55,000 for purposes of computing the 179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Note: Leave no answer blank. Enter zero if applicable. b. What is Dain's maximum depreciation deduction for the year (including $179 expense)? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Depreciation Deduction (including $179 expense) $ 40,675