Yes, it is being computed correctly.
The "MM" in MACRS convention means "mid-month." That means an asset only gets 1/2 of a month depreciation in the month put in service and the last month in service under this convention. So, your monthly depreciation is: $16,764 cost/27.5 life /12 months in a year=$50.80 per month x 11.5 months = $584 depreciation expense.
