2 Penguin Network Warehouse, LLC ("PNW, LLC") acquired the following assets last year: 3 4 Industrial Refrigeration Equipment on January 23 5 Network server computer equipment on May 4 6 Office furniture on June 12 7 8 9 Required: 1. Using the below MACRS depreciation table, leverage VLOOKUP formulas to calculate regular depreciation for each asset. 10 2. Sum the total depreciation for each year. 11 12 (Hint: Use an IF formula with "Yes" and "No" to respond to the Fully Depreciated question.) 13 14 Depreciation Rate for Recovery Period 15 Year 3 5 7 16 1 33.33% 20.00% 14.29% 17 2 44.45% 32.00% 24.49% 18 3 14.81% 19.20% 17.49% 19 20 21 22 4567 7.41% 11.52% 12.49% 11.52% 8.93% 5.76% 8.92% 8.93% 23 8 24 4.46% 25 Asset: 26 Class Life: Industrial Refrigeration Equipment 27 Basis: $1,434,214 28 29 Depreciaiton 30 Year Rate Amount 31 1 32 2 33 34 4 35 36 37 38 39 Total 40