Exercise 8-24 (Algorithmic) (LO. 3) McKenzie purchased qualifying equipment for his business that cost $320,100 in 2020. The taxable income of the business for the year is $70,700 before consideration of any 5 179 deduction If an amount is zero, enter "o". a. Calcutate Mckenzie's $ 179 expense deduction for 2020 and any carryover to 2021. $ 179 expense deduction for 2020: $ 179 carryover to 2021: s 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 8.4. 5 179 expense deduction for 2020: $ 5179 carryover to 2021: 5