5. ABC Company acquires a new machine (seven-year property) on January 10, 2021, at a cost of $620,000. ABC makes the election to expense the maximum amount under 179, and wants to take any additional first-year depreciation allowed. No election is made to use the straight-line method. Determine the total deductions in calculating taxable income related to the machine for 2021, assuming that ABC reports taxable income of $800,000. a. $88,598 b. $301,159 c. $568,574 d. $620,000