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Required information [The following information applies to the questions displayed below.] Woolard Supplies...

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Accounting

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Required information [The following information applies to the questions displayed below.] Woolard Supplies (a sole proprietorship) has taxable income in 2020 of $240,000 before any depreciation deductions (\$179. bonus, or MACRS) and placed some office furniture into service durina the year. The furniture does not qualify for bonus depreciation. (Use MACRS Table 1, Table 2, Table 3. Table 4 and (Do not round intermediate calculations Round your answers to the nearest whole dollar amount.) a. If Woolard elects $50,000 of $179, what is Woolard's total depreciation deduction for the year? b. If Woolard elects the maximum amount of $179 for the year, what is the amount of deductible 5179 expense for the year? What is the total depreciation that Woolard may deduct in 2020? What is Woolard's $179 carryforward amount to next year, if any? c. Woolard is concerned about future limitations on its $179 expense. How much $179 expense should Woolard expense this year if it wants to maximize its depreciation this year and avoid any carryover to future years

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