A company has EBIT of $4,000,000, depreciation expense of $300,000, and interest expense of $500,000. Assume the tax rate is 30%. What is the depreciation tax shield?

Please do not round intermediate calculations. Round the final answer to 2 decimal places.

Please show all your steps that you take to resolve this. Please be very clear, so that I understand what steps you take. If typing, please bold your responses per step. Make sure to follow all rounding instructions.