A company purchases an asset that costs $20,000. This asset qualifies as 3-year property under MACRS. The company uses an after- tax discount rate of 14% and faces a 40% income tax rate.(a) Use the appropriate present value factors found in Appendix C, Table 1,to determine the present value of the depreciation deductions for this firm over the specified four-year period.Refer to Exhibit 12.4 (Round depreciation expense to 2 decimal places.) Year Depreciation Deduction Present Values Savings 1 2 3 4