3. Cub Corporation purchased an automated tube bender for $500,000 in 2016. The tube bender, used to manufacture folding chairs, has an estimated life of 10 years and an estimated salvage value of $60,000. It is 5-year property under the MACRS rules. Cub's taxable income for 2017 before the depreciation deduction is $120,000. The maximum depreciation for tax purposes in 2017 is (ignore Sec. 179 election and bonus depreciation) a. $100,000 b. $117,600 c. $120,000 d. $160,000