The M&M Company purchased a new punchpress in 2005 at a cost of $265,000. M&M alsopaid $46,000 to have the punch press delivered andinstalled. The punch press has an estimated useful lifeof 12 years, but it will be depreciated using MACRSover its seven-year property class life.(a) What is the cost basis of the punch press?(b) What will be the depreciation allowance in eachyear over seven years?

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