The M&M Company purchased a new punch press in 2005 at a cost of $269,000. M&M also paid $40,000 to have the punch press delivered and installed. The punch press has an estimated useful life of 11 years, but it will be depreciated using MACRS over its seven-year property class life Click the icon to view the MACRS depreciation schedules (a) What is the cost basis of the punch press? The cost basis of the punch press is S 309000 (Round to the nearest dollar) (b) What will be the depreciation allowance in each year over seven years? Fill in the table below (Round to the nearest dollar.) n MACRS Depreciation