Exercise 8-24 (Algorithmic) (LO. 3) McKenzie purchased qualifying equipment for his business that cost $489,700 in 2020. The taxable income of the business for the year is $9,500 before consideration of any $ 179 deduction, If an amount is zero, enter "o". a. Calculate McKenzie's 5 179 expense deduction for 2020 and any carryover to 2021. 5 179 expense deduction for 2020: $ 179 carryover to 2021: b. How would your answer change if McKenzie decided to use additional first year (bonus) depreciation on the equipment instead of using 5 179 expensing? Hint: See Concept Summary 8.3. $ 179 expense deduction for 2020: 5 5 179 carryover to 2021