Required information

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

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

Woolard Supplies $($a sole proprietorship$)$ has taxable income in $2022$ of $$240,000$ before any depreciation deductions

$,$ 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: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.

Asset Placed In

Service Basis

Office furniture $($used$)$

March $20$

$$1,200,000$

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

a$.$ If Woolard elects $$50,000$ of $$179,$ what is Woolard's total depreciation deduction for the year?