An asset has an expected life of 15 years, but is to be depreciated using a MACRS 7-year property classification. The initial cost of the property was $650,000. The property required $60,000 in delivery and setup.

Q1 :What is the cost basis for the property?

Q2:What is the appropriate depreciation for each year?

MACRS depreciation percentage table: EOY 1 2 3-Year 5-Year 7-Year 10-Year 15-Year 20-Year Property Property Property Property Property Property 33.33 20.00 14.29 10.00 5.00 3.750 44.45 32.00 24.49 18.00 9.50 7.219 14.81 19.20 17.49 14.40 8.55 6.677 7.41 11.52 12.49 11.52 7.70 6.177 11.52 8.93 9.22 6.93 5.713 5.76 8.92 7.37 6.23 5.285 3 4 5 6 7 8.93 6.55 5.90 4.888 8 4.46 6.55 5.90 4.522 9 6.56 4.462 6.55 5.91 5.90 5.91 4.461 4.462 3.28 10 11 12 13 5.90 4.461 5.91 4.462 4.461 14 5.90 5.91 15 4.462 16 2.95 4.461 17 4.462 18 19 4.461 4.462 4.461 20 21 2.231 Enter your answers in the format 123456 Year Depreciation 1 2 3 4 un 6 17 8