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Corporation uses MACRS depreciation for tax purposes

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Corporation uses MACRS depreciation for tax purposes. The corporation purchased all of its equipment on July 1, 2016. Razorback Sports took the maximum amount of §179 depreciation (no bonus depreciation). The equipment is all 7 year property.

 

 Cost of the equipment 832,500

Accumulated depreciation (as per Trail balance) 416,250

Depreciation expense (as per Trail balance) 22,200

 

find the following

 

1) Amount that Need to consider in Form 1120 under line no 20 Depreciation.

2) Amount that Need to consider in Form 1120 under Schedule M-1 line No 8a.

 

with Calculations by using MACRS % and 179 from the year of purchase.