The following financial information applied to your company for 2018: Sales revenues, $4,350,000 Labor and materials, $970,000 Depreciation for existing assets purchased prior to 2018, $80,000 On January 5, 2018, you purchased $130,000 of equipment classified as 5-year MACRS assets On September 23, 2018, you purchased $210,000 of equipment classified as 7-year MACRS assets a) Calculate the total depreciation expenses allowed in 2018. b) Calculate the taxes your company owes for 2018 and your net income for 2018