PLEASE HELP!!! I have tried everything I know how to do and am just so...
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Accounting
PLEASE HELP!!! I have tried everything I know how to do and am just so lost!!
AMP Corporation (calendar year-end) has 2022 taxable income of $1,900,000 for purposes of computing the 179 expense. During 2022, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)
Asset
Placed in Service
Basis
Machinery
September 12
$ 1,440,000
Computer equipment
February 10
440,000
Office building
April 2
555,000
Total
$ 2,435,000
b. What is the maximum total depreciation, including 179 expense, that AMP may deduct in 2022 on the assets it placed in service in 2022, assuming no bonus depreciation?
Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.
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