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Required information [The following information applies to the questions displayed below.] Woolard Supplies (a sole proprietorship) has taxable income in 2020 of $240,000 before any depreciation deductions ($179, bonus, or MACRS) and placed some office furniture into service during the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Asset Office furniture (used) Placed In Service March 20 Basis $1,200,000 b. If Woolard elects the maximum amount of $179 for the year, what is the amount of deductible $179 expense the year? What is the total depreciation that Woolard may deduct in 2020? What is Woolard's $179 carryforward amount to next year, if any? Deductible $179 expense Total depreciation deduction $179 carryforward 240,000