joseph purchased the assets located in the exhibits in 2022 for use in his business. assuming that all assets have 7-year macrs periods, calculate the items below. for items 1-2, assume joseph maximizes his total depreciation expense; for items 3-5, assume joseph does not elect any sec. 179 or bonus depreciation before applying macrs depreciation. each scenario is independent (e.g., calculate the maximum possible bonus depreciation as if no sec. 179 was taken). for each item, enter the appropriate amount in the associated cell. round all answers to the nearest whole number. if the amount is zero, enter a zero (0). item answer 1. maximum possible sec. 179 expense $950,000 2. maximum possible bonus depreciation 3. macrs depreciation for the new office furniture 4. macrs depreciation for the new machinery
