A piece of newly purchased industrial equipment costs $1,240,000 and is classified as seven-year property under MACRS. Calculate the annual depreciation allowances and end-of-the-year book values for this equipment. Complete the following analysis. Do not hard code values in your calculations. Depreciation Ending Book value Year Beginning Book Value $ 1,240,000.00 2 1 3 4 MACRS 0.1429 0.2449 0.1749 0.1249 0.0893 0.0892 0.0893 0.0446 5 6 7 8