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The cost of new machine is $220,000. The cost of shipping is $10,000 and of installation is $20,000. The required working capital is $25,000. Using

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The cost of new machine is $220,000. The cost of shipping is $10,000 and of installation is $20,000. The required working capital is $25,000. Using the 3-year MACRS schedule, determine the depreciation expense in year 1. Round to the nearest penny. Do not include a dollar sign. Year 3-YR MACRS 33.53% 44.45% 14.81% 7.41%

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