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 2021. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2021: Date Placed in Asset Office furniture Machinery Used delivery truck* Cost Service $ 270,000 1,584,000 64,000 02/03/2021 07/22/2021 08/17/2021 *Not considered a luxury automobile. During 2021, Karane was very successful (and had no 179 limitations) and decided to acquire more assets in 2022 to increase its production capacity. These are the assets acquired during 2022: Date Placed in Asset Cost Service Computers and information system Luxury auto* Assembly equipment Storage building $ 424,000 86,000 1,320,000 700,000 03/31/2022 05/26/2022 08/15/2022 11/13/2022 *Used 100% for business purposes. Karane generated taxable income in 2022 of $1,762,500 for purposes of computing the $179 expense limitation. (Use MACRS Table 1, Table 2, Table 3, Table 4, Table 5, and Exhibit 10-10.) Note: Leave no answer blank. Enter zero if applicable. Input all the values as positive numbers. Required: Compute the maximum 2021 depreciation deductions, including 179 expense (ignoring bonus depreciation). Description Cost 179 Expense MACRS Basis Current MACRS Depreciation Total Cost Recovery Deduction Office furniture Machinery $ 270,000 $ 0 $ 0 1,584,000 0 0 Used delivery truck 64,000 0 0 Total $ 1,918,000 $ 0 $ 0 $ 0 $ 0 Required: b. Compute the maximum 2022 depreciation deductions, including $179 expense (ignoring bonus depreciation). Description 2021 Assets Office furniture Machinery Used delivery truck 2022 Assets Computers and Information System Luxury Auto Assembly Equipment Storage Building Total Cost Section 179 Expense MACRS Basis Current MACRS Depreciation Total Cost Recovery Deduction $ 0 0 0 0 0 $ 0 $ 0 $ 0 $ 0 Required: c. Compute the maximum 2022 depreciation deductions, including $179 expense, but now assume that Karane would like to take bonus depreciation. Description 2021 Assets Office Furniture Machinery Used Delivery Truck 2022 Assets Computers and Information System Luxury Auto Assembly Equipment Storage Building Total Cost Section 179 Expense Bonus MACRS Basis Current MACRS Depreciation Total Cost Recovery Deduction Required: d. Now assume that during 2022, Karane decides to buy a competitor's assets for a purchase price of $1,493,760. Compute the maximum 2022 cost recovery, Including $179 expense and bonus depreciation. Karane purchased the following assets for the lump- sum purchase price: Note: Round your final answers to the nearest whole dollar amount. Asset Inventory Office furniture Machinery Patent Goodwill Building Land Cost $ 244,000 Date Placed in Service 09/15/2022 254,000 09/15/2022 274,000 09/15/2022 219,600 09/15/2022 4,160 09/15/2022 454,000 09/15/2022 44,000 09/15/2022 Assume that Karane takes the maximum section 179 expense for the Assembly Equipment. Description 2021 Assets Office Furniture Machinery Used Delivery Truck 2022 Assets Computers and Information System Luxury Auto Assembly Equipment Storage Building Inventory Office Furniture Machinery Patent Goodwill Building Land Totals Cost Section 179 Expense Bonus MACRS Basis Current MACRS Depreciation Current Amortization Total Cost Recovery Deduction Required: e. Complete Karane Enterprises's Form 4562 for part (b). (Use 2022 tax rules regardless of year on tax form. Do not skip rows when entering property under line item 26 of Form 4562. Assets acquired during 2021 have to be entered under Section B part of Form 4562, page 1.)