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Please show all calculations or explanations if any. 21. Lee acquired and placed in...

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Accounting

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Please show all calculations or explanations if any.

21. Lee acquired and placed in service $1,400,000 of equipment on July 1, 2020 for use in his sole proprietorship. The equipment is 7-year recovery property. No other acquisitions are made during the year. Lee elects to expense the maximum amount under Sec. 179, and bonus depreciation is not applied. Lee's total deductions for 2020 (including Sec. 179 and depreciation) are A) $280,000 B) $1,040,000 C) $1,073,000 D) $1,112,000

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