Problem 1: (10 Points) Machinery for an assembly line costs $70,000 and has depreciable salvage value of $10,000 at the end of its 5-year useful life. Use MACRS depreciation to compute the depreciation schedule and book value of the asset. TABLE 1 MACRS Hall Year Convention Depreciation Rate for Recovery Period 5-Year 7 Year 10 Year Year 3 Year 15 Year 20 Year 5.00% 9.50 33.33 14.45 1481 741 20.00% 32.00 19 20 11.52 11.52 5.76 14.29% 24.49 17:49 12.49 8.93 8.92 8.93 5 10.00 18.00 14.40 11.52 922 737 555 6.55 6.56 6.55 3.28 3.750 7.219 5.677 6.177 5.713 5.285 4.BBB 4.522 4.452 4.461 4.462 4.461 7 7.70 6.93 6.23 5.90 5.90 5.91 5.90 5.91 5.90 5.91 5.90 5.91 2.95 9 10 11 12 13 15 4.451 4.452 4.451 16 17 18 4.462 21 2.231