Olympus Equipment Company purchased a new piece of factory equipment on May 1, 2011, for $29,200. For income tax purposes, the equipment is classified as a 7-year asset. Because this is similar to the economic life expected for the asset, Olympus decides to use the tax depreciation for financial reporting purposes. The equipment is not expected to have any residual value at the end of the seven years. Prepare a depreciation schedule for the life of the asset using the MACRS method of cost recovery.