2. Firm L purchased only one asset during its calendar taxable year. The asset cost $650,000and has a three-year recovery period. Compute Firm L's MACRS depreciation with respect tothis asset over the recovery period assuming that:-a) The asset wet was placed in service on September 229. (For the first year only, show how to-calculate the depreciation without the use of tables. Because of rounding, the first year-depreciation amounts may not be exactly the same.)-From Table 7.2:Year 1: 33.33% of $650,000 = $216,645-Year 2: 44.45% of $650,000 = $288,925Year 3: 14.81% of $650,000 = $96,265-Year 4: 7.41% of $650,000= $48,165-Calculation of Year 1 manually:-