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McKenzie purchased qualifying equipment for his business that cost $341,300 in 2021. The taxable income...

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Accounting

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McKenzie purchased qualifying equipment for his business that cost $341,300 in 2021. The taxable income of the business for the year is $94,500 before consideration of any 179 deduction. If an amount is zero, enter "0" a. Calculate McKenzie's $ 179 expense deduction for 2021 and any carryover to 2022. $ 179 expense deduction for 2021: $ $ 179 carryover to 2022: $ 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 2021: $ $ 179 carryover to 2022: $

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