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The M&M Company purchased a new punch press in 2005 at a cost of $267,000. M&M also paid $49,000 to have the punch press delivered and installed. The punch press has an estimated useful life of 14 years, but it will be depreciated using MACRS over its seven-year property class life. Click the icon to view the MACRS depreciation schedules. What is the cost basis of the punch press? The cost basis of the punch press is $316000. (Round to the nearest dollar.) What will be the depreciation allowance in each year over seven years? Fill in the table below. (Round to the nearest dollar.)