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Exercise 8-24 (Algorithmic) (LO. 3) McKenzie purchased qualifying equipment for his business that cost $420,800...

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Exercise 8-24 (Algorithmic) (LO. 3) McKenzie purchased qualifying equipment for his business that cost $420,800 in 2020. The taxable income of the business for the year is $137,000 before consideration of any 179 deduction. If an amount is zero, enter "O". a. Calculate McKenzie's $ 179 expense deduction for 2020 and any carryover to 2021. $ 179 expense deduction for 2020: $0 179 carryover to 2021: $ b. How would your answer change if McKenzie decided to use additional first- year (bonus) depreciation on the equipment instead of using $ 179 expensing? Hint: See Concept Summary 8.3. 179 expense deduction for 2020: $ 179 carryover to 2021: $

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