4. (15 pts) (NOTE: You do not need a cash flow diagram for this problem.) The following financial information applies to your company for fiscal year 2018: Sales revenues, $4,800,000 Labor, $1,900,000 Depreciation allowed in 2018 for existing assets purchased prior to 2018, $180,000 On April 3, 2018, you purchased $350,000 of equipment classified as 7-year MACRS assets On October 15, 2018, you purchased $200,000 of equipment classified as 5-year MACRS assets Interest expense, $21,400 a) Calculate the total depreciation expenses allowed in 2018. b) Calculate the taxes your company owes for 2018 and your net income for 2018 (assume 21% tax rate)