A company can purchase some equipment for $2,000,000 or lease it for $350,000 at the beginning of each of the next 4 years. Depreciation will be 14.29%,24.49%,17.49%,12.49% respectively for years 1 through 4 . If the firm's before-tax cost of debt is 7% and its marginal tax rate is 20%, what is the present value of the depreciation tax shield for the 2nd year? $439,229 $85,562 $52,707 $87,846