Problem 12-2 PV of Depreciation Tax Benefits (LG12-4) Your company is considering a new project that will require $1,066,000 of new equipment at the start of the project. The equipment will have a depreciable life of 10 years and will be depreciated to a book value of $156,000 using straight-line depreciation. Neither bonus depreciation nor Section 179 expensing will be used. The cost of capital is 13 percent, and the firm's tax rate is 21 percent Estimate the present value of the tax benefits from depreciation. (Round your answer to 2 decimal places.) Present value