Problem 9-5 Calculating Depreciation [LO 2] A piece of newly purchased industrial equipment costs $1,120,000 and is classified as seven-year property under MACRS. The MACRS depreciation schedule is shown in the E MACRS Table. E Calculate the annual depreciation allowances and end-of-the-year book values for this equipment. (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Leave no cells blank. Enter "0" when necessary.) Year Beginning Book Value Depreciation Allowance Ending Book Value