Problem $10-62($LO $10-2,$ LO $10-3)($Static$)$

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$[$The following information applies to the questions displayed below.$]$

Woolard Supplies $($a sole proprietorship$)$ has taxable income in $2024$ 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 $5.)$

Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.

Asset Placed In Service Basis

Office furniture $($used$)$ March $20$ $ $1,400,000$

Problem $10-62$ Part b $($Static$)$

b$.$ If Woolard elects the maximum amount of $179$ for the year, what is the amount of deductible $179$ expense for the year? What is the total depreciation that Woolard may deduct in $2024?$ What is Woolard's $179$ carryforward amount to next year, if any?