A business, Davis Wreckers, is considering a project that will require the company to purchase $470,000 in new equipment and to spend $80,000 on building rennovations to accommade the new equipment. The useful life of the new equipment is estimated to be 8 years, after which the equipment can be sold of $10,000. Davis Wreckers has an 18% tax rate. The financial analyst at Davis Wreckers is aware of the IRS rules that allow the business to subtract the cost of the project from their taxable income. a) If the business claims the full cost as depreciation in one year (the first year of use), by how much will they lower their taxable income