Exercise 8-19 (Algorithmic) (LO. 2) Euclid acquires a 7-year class asset on May 9, 2020, for $124,800 (the only asset acquired during the year). Euclid does not elect immediate expensing under $ 179. He does not claim any available additional first-year depreciation. Click here to access the depreciation table to use for this problem. If required, round your answers to the nearest dollar. Calculate Euclid's cost recovery deduction for 2020 and 2021. 2020: 2021: $ Feedback Check My Work Under the modified accelerated cost recovery system (MACRS), the cost of an asset is recovered over a predetermined period that generally is shorter than the useful life of the asset or the period that the asset is used to produce income. The MACRS rules were designed to encourage investment, improve productivity, and simplify the pertinent law and its administration