you will be working with 2017 rules facts: the tepper company, a calendar year taxpayer, began doing business on 1/1/17. tepper is in the business of providing data analysis services (it is not a manufacturer). during 2017, tepper acquired the following assets and capitalized the following expenses:description date placed in service initial basisstart-up costs1/1/17$53,000office furniture1/1/17 75,000computer hardware2/1/17 10,000calculators2/1/17 5,000copy machines2/1/17 12,000land6/13/17300,000building6/13/17450,000paving 10/15/17100,000office fixtures11/1/17 80,000on 4/1/2017, tepper acquired the assets of fessler, co (one of teppers competitors) and allocated basis to the following assets:description date placed in service initial basiscomputer hardware4/1/17490,000computer software (see below)4/1/17685,000office communications equipment4/1/1730,000office furniture & fixtures4/1/17150,000goodwill4/1/1790,000$200,000 of the acquired computer software was off the shelf purchased by the competitor at best buy. the remaining $485,000 of the computer software was specially developed for fesslers use by paid consultants.for 2017, tepper reported taxable income of $5 million prior to taking into account code section 179, depreciation or amortization.project requirements next page. tax 4001 cost recovery projectpage 2 of 2for 2017: assume that tepper will make a code 179 election for the full amount allowed for 2017 and will make the appropriate amortization elections.required: required: compute teppers 2017 cost recovery deductions related to the assets listed (showing calculations for each asset - remember bonus depreciation where applicable) for assets placed in service during 2017. use the chapter 7 cost recovery presentation materials to help you.required: all projects must be submitted in excel and, where computations are required, excel must be used to make them (i.e., do not use excel as word). there should be separate tabs as follows:?lead summarizes the cost recovery deductions?179 tab: analyzes 179 and computes the 179 deduction?bonus tab: analyzes bonus depreciation and computes it?macrs tab: provides macrs depreciation computations?other: provides computation for other cost recovery (e.g., amortization and non-macrs property)