On January 1, 2020, Sheffield Corp. purchased a machine costing $350000. The machine is in the MACRS 5-year recovery class for tax purposes and has an estimated $66000 salvage value at the end of its economic life. It's based on half year convention. Assuming the company uses the general MACRS approach, the amount of MACRS deduction for tax purposes for the year 2020 is MACRS Depreciation Rates by Class of Property Recovery 3-year 5-year 7-year 10-year 15-year 20-year (150% DB) 5.00 9.50 (150% DB) 3.750 7.219 (2009 DB) 20.00 32.00 19.20 11.52 11.52 5.76 Year (200% DB) 1 33.33 2 44.45 3 14.81" 4....... 7.41 5 6 7 8 (2004 DB 14.29 24.49 17.49 12.49 8.93 8.92 8.93 8.55 6.677 7.70 (200% DE) 10.00 18.00 14.40 11.52 9.22 7.37 6.55" 6.55 6.56 6.55 3.28 6.177 5.713 5.285 4.898 4.522 4.462" 4.461 4.462 4.461 4.462 6.23 5.90 5.90 5.91 5.90 5.91 5.90 5.91 5.90 5.91 2.95 10 11 12 13 14 15 16 17 18 19 20 21.. 4.461 4.462 4.461 4.461 4.462 4.461 2.231 *switchover to straight-line depreciation O $56800. O $140000. O $112000 O $70000