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[The following information applies to the questions displayed below.] Dains Diamond Bit Drilling...

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Accounting

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

Dains Diamond Bit Drilling purchased the following assets this year.

Purchase Original
Asset Date Basis
Drill bits (5-year) Jan-13 $ 130,500
Drill bits (5-year) Sep-01 149,750
Commercial building May-27 234,000

Assume its taxable income for the year was $61,500 for purposes of computing the 179 expense (assume no bonus depreciation). (Use MACRS Table 1, Table 2, Table 3, Table 4and Table 5.) (Leave no answer blank. Enter zero if applicable.)

b. What is Dains maximum depreciation deduction for the year (including 179 expense)? (Round your intermediate calculations to the nearest whole dollar amount

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