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5. The XYZ Company builds finished plastic products and has decided to build a new plant. Land cost is $650,000, a plant is built for $1,400,000, manufacturing equipment (special tools) is installed at a cost of $600,000. The factory was completed and began operation on June 1. The gross income for the calendar year was $1,700,000. Supplies and operating expenses excluding capital expenditures were $600,000. What is firms taxable income for the first year? b. How much in taxes will the firm pay in the first year? Use MACRS Depreciation for all capital assets. a. a. b