A draw bench for precision forming and strengthening of carbon steel tubing has a cost of $1,000,000. It will have a salvage value of $74,000 after a useful life of 10 years. Part a Using the formulas, determine the depreciation charge for year 7 and the book value at the end of year 7 if straight-line depreciation is used. Depreciation charge: $ Book value: $ Carry all interim calculations to 5 decimal places and then round your final answers to a whole number. The tolerance is 1.