Problem 10-6 Calculating Depreciation [LO1] A piece of newly purchased industrial equipment costs $979,000 and is classified as seven-year property under MACRS. The MACRS depreciation schedule is shown in Table 10.7. Calculate the annual depreciation allowances and end-of-the-year book values for this equipment. (Leave no cells blank -be certain to enter"" wherever required. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Year Beginning Book Value Depreciation Ending book Value 2 4 7