Required information Comprehensive Problem 10-76 (LO 10-1, LO 10-2, LO 10-3, LO 10-4, LO 10-5) (Algo) [The following information applies to the questions displayed below.] Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2020. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2020: Cost Date Placed in Service Office furniture$ 230,000 02/03/2020 Asset Machinery Used delivery truck* 1,576,000 07/22/2020 56,000 08/17/2020 *Not considered a luxury automobile. During 2020, Karane was very successful (and had no 179 limitations) and decided to acquire more assets in 2021 to increase its production capacity. These are the assets acquired during 2021: Date Placed in Asset Cost Service Computers and $416,000 03/31/2021 information system Luxury autot 84,000 05/26/2021 Assembly equipment 1,280,000 08/15/2021 Storage building 900,000 11/13/2021 Used 100% for business purposes. Karane generated taxable income in 2021 of $1,752,500 for purposes of computing the $179 expense limitation. (Use MACRS Table 1, Table 2, Table 3, Table 4, Table 5, and Exhibit 10-10.) (Leave no answer blank. Enter zero if applicable. Input all the values as positive numbers.) omprehensive Problem 10-76 Part d (Algo) equired: Now assume that during 2021, Karane decides to buy a competitor's assets for a purchase price of $1,445,840. ompute the maximum 2021 cost recovery, including $179 expense and bonus depreciation. Karane purchased the llowing assets for the lump-sum purchase price: (Round your final answers to the nearest whole dollar amount.) Asset Inventory Office Cost $ 236,000 Date Placed in Service 09/15/2021 246,000 09/15/2021 266,000 09/15/2021 09/15/2021 furniture Machinery Patent 212,400 Goodwill 3,440 09/15/2021 Building Land 446,000 36,000 09/15/2021 09/15/2021 ssume that Karane takes the maximum section 179 expense for the Assembly Equipment. Section Description Cost 179 Expense Bonus MACRS Basis Current MACRS Depreciation Total Cost Current Amortization Recovery Deduction 2020 Assets Office Furniture $230,000 $ 0 Machinery 1,576,000 0 Used Delivery Truck 56,000 0 2021 Assets Computers and 416,000 0 Information System Luxury Auto 84,000 0 Assembly Equipment 1,280,000 0 Storage Building 900,000 0 Inventory 236,000 0 Office Furniture 246,000 0 Machinery 266,000 0 Patent 212,400 0 Goodwill 3,440 0 Building Land 446,000 0 36,000 0 $ Totals $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 5,987,840