Tax Form 4562: Maximum recovery deductions and asset basis

Please prepare and submit an excel spreadsheet addressing the questions below. Also, please upload Form 4562 for eSys. Please upload your submission for this assignment.MP1. While completing undergraduate school work in information systems, Dallin Bourne and Michael Banks decided to start a business called eSys Answers which was a technology support company. During year 1, they bought the following assets and incurred the following fees at start-up:Year 1 AssetsPurchase DateBasisComputers (5-year)October 30, Y1$15,000Office equipment (7-year)October 30, Y1$10,000Furniture (7-year)October 30, Y1$3,000Start-up costsOctober 30, Y1$17,000In April of year 2, they decided to purchase a customer list from a company started by fellow information systems students preparing to graduate who provided virtually the same services. The customer list cost $10,000 and the sale was completed on April 30th. In the summer, they purchased a small van (for transportation, not considered a luxury auto) and a pinball machine (to help attract new employees). They bought the van on June 15, Y2 for $15,000 and spent $3,000 getting it ready to put into service. The pinball machine cost $4,000 and was placed in service on July 1, Y2.Year 2 AssetsPurchase DateBasisVanJune 15, Y2$18,000Pinball Machine (7-year)July 1, Y2$4,000Customer ListApril 30, Y2$10,000Assume that eSys Answers does not claim any 179 expense or bonus depreciation.What are the maximum cost recovery deductions for eSys Answers for Y1 and Y2?Complete eSys Answers Form 4562 for Y1 (use the most current form available).What is eSys Answers basis in each of its assets at the end of Y2?

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