1. A textile company purchased the following assets throughout 2020:

Asset	Placed in service	Initial Basis
Land for mill	January 1	$1,000,000
Mill building	January 1	$300,000
Equipment (new)	March 4	$1,800,000
Small used truck for deliveries	June 8	$25,000
Total		$3,125,000

What is the maximum total depreciation expense possible that the corporation may deduct in 2020? Assume that the land and mill building do not qualify as qualified real property for Sec. 179 and that the company has sufficient taxable income that it creates no binding limitation on any potential Sec. 179 expense (if applicable). (15 points)