Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2022. In...

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Accounting

Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2022. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2022:
Asset Cost Date Placed in Service
Office furniture $ 330,00002/03/2022
Machinery 1,740,00007/22/2022
Used delivery truck*Note: 76,00008/17/2022
*Note:Not considered a luxury automobile.
During 2022, Karane was very successful (and had no 179 limitations) and decided to acquire more assets in 2023 to increase its production capacity. These are the assets acquired during 2023:
Asset Cost Date Placed in Service
Computers and information system $ 436,00003/31/2023
Luxury auto*Note: 89,00005/26/2023
Assembly equipment 1,380,00008/15/2023
Storage building 700,00011/13/2023
*Note:Used 100% for business purposes.
Karane generated taxable income in 2023 of $1,777,500 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:
c. Compute the maximum 2023 depreciation deductions, including 179 expense, but now assume that Karane would like to take bonus depreciation.
Note: Round your final answers to nearest whole dollar.
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