A company has EBIT of $6,000,000, depreciation expense of $500,000, and interest expense of $700,000. Assume the tax rate is 25%. What is the depreciation tax shield?

Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit any commas and the $ sign in your response. For example, an answer of $1,000.50 should be entered as 1000.50.