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Please post a step by step solution. A piece of newly purchased industrial equipment costs...

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Finance

Please post a step by step solution. A piece of newly purchased industrial equipment costs $870521 and is classified as seven-year property under MACRS. What is the book value at the beginning of year 8? (Round your final answer to the nearest dollar amount. Omit the "$" sign and commas in your response. For example, $123,456.78 should be entered as 123457.)

Modified ACRS Depreciation Allowances (Table 10.7)

Year Three-Year. Five-Year. SevenYear

1. 33.33%. 20.00%. 14.29%

2. 44.45. 32.00 24.49

3 14.81 19.20 17.49

4 7.41 11.52 12.49

5 11.52 8.93

6 5.76 8.92

7 8.93

8 4.46

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