An asset used in a four-year project falls in the five-year MACRS class for tax purposes. The asset has an acquisition cost of $6,190,000 and will be sold for $1,390,000 at the end of the project. If the tax rate is 24 percent, what is the aftertax salvage value of the asset? Refer to Table 8.3. (Do not round Intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to 2 decimal places, e.g., 1,234,567.89.) Aftertax salvage value $ 1,277,871 20 Con. 2. Ch. 18 Homewo. 4- Ch.8 Hornewor... 4 - Ch.8 Homewor. RECOVERY PERIOD CLASS YEAR 3 YEARS 5 YEARS 7 YEARS 10 YEARS 15 YEARS 20 YEARS 3333 4445 6.1481 .0741 3 4 2000 3200 1920 1152 1152 .0576 1429 2449 .1749 1249 .0893 0892 0893 0446 5 6 7 8 9 10 1000 1800 1440 .1152 0922 0737 0655 0655 .0656 0655 0328 0500 0950 0855 .0770 0693 0623 0590 .0590 0591 0590 0591 0590 0591 0590 0591 0295 03750 07219 06677 06177 05713 05285 04888 04522 04462 04461 04462 04461 04462 04461 04462 04461 04462 04461 04462 04461 02231 12 15 16 18 19 20 21 Depreciation is pressed as a percent of the asset's cost. These schedules are based on the publication 046 How to Dapreciate Property and other details on depreciation are presented later is the chapter. Note that five-year depreciation actually came years became the IRS aumes purchase is made in midyear