S10-06 Calculating Depreciation [LO1] A piece of newly purchased industrial equipment costs $1.475 million 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 "0" wherever required. Do not round intermediate calculations and enter your answers in dollars, not millions of dollars, rounded to 2 decimal places e.g., 1,234,567.89.) Year 2 3 4 5 6 7 8 Beginning Book Value Depreciation Ending Book Value

A piece of newly purchased industrial equipment costs $1.475 million 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 " 0 " wherever required. Do not round intermediate calculations and enter your answers in dollars, not millions of dollars, rounded to 2 decimal places e.g., 1,234,567.89.)