Luthor Petroleum Company purchases and installs a refining tank for $400,000. The tank has a useful life of 15 years. The estimated salvage value at the end of 15 years is $40,000. Answer the following question, assuming MACRS depreciation is used: Question 8: What is the MACRS depreciation at year 12? Remember to show all of your work and provide a statement that clearly answers each question. You may either submit written work or work via Excel. Grading Criteria: Setup: 0.5 points Calculations: 0.25 points Answer: 0.1 points Statement: 0.15 points