Exercise 8-24 (Algorithmic) (LO. 3) McKenzie purchased qualifying equipment for his business that cost $240,600 in 2020. The taxable income of the business for the year is $57,100 before consideration of any 179 deduction. If an amount is zero, enter "O". a. Calculate McKenzie's 179 expense deduction for 2020 and any carryover to 2021. $ 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 179 expensing? Hint: See Concept Summary 8.3. $ 179 expense deduction for 2020: $ $ 179 carryover to 2021: $ Exercise 8-24 (Algorithmic) (LO. 3) McKenzie purchased qualifying equipment for his business that cost $240,600 in 2020. The taxable income of the business for the year is $57,100 before consideration of any 179 deduction. If an amount is zero, enter "O". a. Calculate McKenzie's 179 expense deduction for 2020 and any carryover to 2021. $ 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 179 expensing? Hint: See Concept Summary 8.3. $ 179 expense deduction for 2020: $ $ 179 carryover to 2021: $