$4.$ Saskatoon Oil Drilling $($SOD$)$is planning to purchase new equipment at a cost of $$6$ million. The equipment qualifies for a $30\%$ CCA rate. SOD has a tax rate of $20\%.$ The equipment is useful for only $4$ years starting with the purchase date. It will be sold in the third quarter of year $5$ for $$300,000($salvage value$)$ that will be realized at the end of year $5.$ The first$-$year factor $($FYF$)$ for $2023$ is $1\mathrm{.}5.$ Assume that the tax breaks from the CCA are realized at the end of the year and that the undepreciated capital costs $($UCC$)$ remaining after year $4$ are realized as losses at the end of the year $5($the asset class is discontinued at the end of year $5).$ Calculate the tax breaks that will be obtained if SOD buys the equipment. $(6$ marks$)$ Hint: Use the spreadsheet provided on canvas to answer this question.