Under the scenario, calculate (1) the amount of "depreciation allowance" this team can add under their accouting procedure, and (2) the amount of taxation this team will end up owing to the IRS. For full points, explain your entire work rather than simply listing two numbers. Scenario: . This team was purchased at $500M IRS allows assigning 50% of the franchise purchase price to player contracts Owners can appeal depreciation in the value of the player contract over a 5-year period (assuming equally distributed) The team generates an annual revenue of $150 million while spending $130 million annually Apply 7% tax rate