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Problem 10-58 (LO 10-2, LO 10-3) (Static) [The following information applies to the questions displayed below.] 10 Assume that Timberline Corporation has 2020 taxable income of $240,000 for purposes of computing the $179 expense. It acquired the following assets in 2020: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Purchase Part 1 of 3 Asset Date Basis Furniture (7-year) December 1 $ 450 , 000 Computer equipment (5-year) February 28 90 , 000 Copier (5-year July 15 30 , 000 5/10 Machinery (7-year) May 22 480 , 000 points awarded Total $ 1 , 050, 000 Scored Problem 10-58 Part a (Static) Required: a-1. What is the maximum amount of $179 expense Timberline may deduct for 2020? a-2. What is Timberline's $179 carryforward to 2021, if any? a- Maximum $179 expense $ 240,000 Maximum $179 carryforward $ 760,000 X1 1 Required information Problem 10-58(LO102, LO 10-3) (Static) [T he following information applies to the questions displayed below. ] Part 2 of3 Assume that Timberline Corporation has 2020 taxable income of $240,000 for purposes of computing the 179 expense. It acquired the following assets in 2020: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) 0/10 . Purchase points awarded Asset Date Basis Furniture (7-year) December 1 S 450 , 000 Computer equipment (5-year) February 28 90 , 000 Copier (5-year) July 15 30,000 Machinery (7-year) May 22 480,000 Total $1,050,000 t Problem 10-58 Part b (Static) b. What would Timberline's maximum depreciation deduction be for 2020 assuming no bonus depreciation