The M&M Company purchased a new punch press in 2005 at a cost of $265,000. M&M also paid $46,000 to have the punch press delivered and installed. The punch press has an estimated useful life of 12 years, hut it will he depreciated using MACRS over its seven-year property class life. What is the cost basis of the punch press? What will be the depreciation allowance in each year over seven years