7 At the beginning of its 2022 tax year, Hiram owned the following business assets: Furniture Equipment Machinery Depreciation Convention Date Placed in Service Initial Cost Accumulated Depreciation Recovery Period 6/19/2020 5/2/2019 9/30/2019 $50,750 78,250 70,000 $19,681 7-year Half-year 55,714 5-year Half-year 49,840 5-year Half-year 0.7 points eBook On July 8, Hiram sold its equipment. On August 18, it purchased and placed in service new tools costing $614,000; these tools are three-year recovery property. These were Hiram's only capital transactions for the year. Required: Print References Compute Hiram's maximum cost recovery deduction for 2022. In making your computation, assume that taxable income before depreciation exceeds $1,250,000. Use Table 7-2. Note: Enter all amounts as positive values. Round your intermediate computations and final answers to the nearest whole dollar amount. Furniture Equipment Machinery Total MACRS Depreciation Section 179/bonus on new tools Maximum 2022 cost recovery deduction 2022 MACRS Depreciation