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  3. james inc. purchased the following assets in febru

James Inc. purchased the following assets in February 2022 for a total price of $2,900,000....

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Accounting

James Inc. purchased the following assets in February 2022 for a total price of $2,900,000. Below are the assets with their corresponding fair market value:

Asset Description Fair Market Value

Equipment $650,000

Office Furniture 1,190,000

Computer Equipment 960,000

Required: Calculate the depreciation in 2022 for the office furniture assuming they elect to use section 179 on the office furniture.

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