Exercise 8-24 (Algorithmic) (LO. 3) McKenzie purchased qualifying equipment for his business that cost $410,200 in 2020. The taxable income of the business for the year is $92,800 before consideration of any 179 deduction. If an amount is zero, enter "0".

a. Calculate McKenzie's 179 expense deduction for 2020 and any carryover to 2021.

179 expense deduction for 2020: $fill in the blank 1

179 carryover to 2021: $fill in the blank 2

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: $fill in the blank 3

179 carryover to 2021: $fill in the blank 4