Problem 8-12 Modified Accelerated Cost Recovery System (MACRS), Listed Property, Limitation on Depreciation of Luxury Automobiles (LO 8.2, 8.4, 8.5) During 2019, Pepe Guardio purchases the following property for use in his calendar year-end manufacturing business: Item Date Acquired Cost Manufacturing equipment (7 year) June 2 $40,000 Office furniture September 15 6,000 Office computer November 18 2,000 Passenger automobile (used 90 percent for business) May 31 54,000 Warehouse June 23 Building 165,000 Land 135,000 Pepe uses the accelerated depreciation method under MACRS and takes bonus depreciation. Complete Form 4562, Depreciation and Amortization to determine the depreciation expense. If required, round your answers to the nearest dollar. If an amount is zero, enter "(". Enter amounts as positive numbers. Click here to access the depreciation tables and here to view Table 8.1: Recovery Periods for Assets Placed in Service After 1986 and Annual automobile depreciation limitations