Problem 8-40 (Algorithmic) (Lo, 2, 3, 9) On Apeit 20, 2020, Javier Sancher purchased and placed in service a new 7riear dass asset costinig 5420,200 fer ute in his landicapiag tusiness, which he operates as in single member Le (Sanchet Landscaping LLC). Rather than using bonun depreciation. Javier wedid like to use 5.179 so expense s200,000 of this asset and then use regular mAcrs th coitt recover the cemaining cost. During 2020 , his businest penerated a net income of $515,040 before bny 5129 immediate eupense elechon. If required roond your intermediate computations and final answers to the nearest dellar. Click here to access the depreciation table to use for this problem. a. Determine the cost recovery deductions (induding fint year addibonal depreciabion) that 3zier Sachches can claim with resgect te this asset in 2020 and 2021 . Total cost recovery dedoction in 2020:4 Total cost recovery deduction in 2021:1 b. Complete lavier's Form 4562 (page 1 ) fer 2020. Nose: For 2020, the maximum \& 179 is, $1,040,000 and the threshold ameunt is $2,590,000, If an amount is zeri, enter "o". Enter amounts as positive numbers. Problem 8-40 (Algorithmic) (Lo, 2, 3, 9) On Apeit 20, 2020, Javier Sancher purchased and placed in service a new 7riear dass asset costinig 5420,200 fer ute in his landicapiag tusiness, which he operates as in single member Le (Sanchet Landscaping LLC). Rather than using bonun depreciation. Javier wedid like to use 5.179 so expense s200,000 of this asset and then use regular mAcrs th coitt recover the cemaining cost. During 2020 , his businest penerated a net income of $515,040 before bny 5129 immediate eupense elechon. If required roond your intermediate computations and final answers to the nearest dellar. Click here to access the depreciation table to use for this problem. a. Determine the cost recovery deductions (induding fint year addibonal depreciabion) that 3zier Sachches can claim with resgect te this asset in 2020 and 2021 . Total cost recovery dedoction in 2020:4 Total cost recovery deduction in 2021:1 b. Complete lavier's Form 4562 (page 1 ) fer 2020. Nose: For 2020, the maximum \& 179 is, $1,040,000 and the threshold ameunt is $2,590,000, If an amount is zeri, enter "o". Enter amounts as positive numbers