Uramilaben Required information[The following information applies to the questions displayed below.]Assume that Timberline Corporation has 2023 taxable income of $240,000 for purposes of computing the §179 expense.It acquired the following assets in 2023: (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.)Purchase DateDecember 1AssetFurniture (7-year)Basis$ 550,000Computer equipment (5-year)February 2890,000Copier (5-year)July 15Machinery (7-year)May 2230,000580,000Total$ 1,250,000Required:a-1. What is the maximum amount of $179 expense Timberline may deduct for 2023?a-2. What is Timberline's §179 carryforward to 2024, if any?Answer is complete but not entirely correct.a-1. Maximum §179 expense$391,181a-2. Maximum §179 carryforward to 2023$ 858,819x

Deductions:A deduction is provided as an expense and can be subtracted from the gross total income…

Assume that Timberline Corporation has 2023 taxable income of $240,000 for purposes of computing the $179 expens It acquired the following assets in 2023: (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total Purchase Date December 1 February 28 July 15 May 22 Basis $ 550,000 90,000 30,000 580,000 $ 1,250,000