A piece of newly$-$purchased industrial equipment costs $$1,240,000$ and is classified as seven$-$year property under MACRS. Depreciation on this equipment will impact the company's taxes, and will therefore be a significant factor in determing whether the company should proceed with the purchase.

a$)$ Calculate the annual depreciation under MACRS for all eight years depreciation is allowed. b$)$ Calculate the end$-$of$-$year book values for this equipment, using MACRS, for all eight years.