A piece of newly purchased industrial equipment costs $1.475 million and is classified as seven-year property under MACRS. Calculate the annual depreciation allowances and end-of-the-year book values for this equipment. Input area: Asset cost Year 1 MACRS percentage Year 2 MACRS percentage Year 3 MACRS percentage Year 4 MACRS percentage Year 5 MACRS percentage Year 6 MACRS percentage Year 7 MACRS percentage Year 8 MACRS percentage $1,475,000 0.1429 0.2449 0.1749 0.1249 0.0893 0.0892 0.0893 0.0446 +

please provide excel formulas

A piece of newly purchased industrial equipment costs $1.475 million and is classified as seven-year property under MACRS. Calculate the annual depreciation allowances and end-of-the-year book values for this equipment. Output area: 1Year 2 3 4 5 6 7 8 \begin{tabular}{|c|c|} \hliner & $1,475,000.00 \\ \hline & \\ \hliner & \\ \hliner & \\ \hline r & \\ \hliner & \\ \hline \end{tabular} Ending book value