Acme Corporation purchased equipment costing $1,600,000 this year, which was its only purchase of tangible depreciable assets. What will be the total first-year cost recovery deduction (Sec 179 plus MACRS depreciation) on the equipment purchased this year? Assume the equipment has a 5-year MACRS life. Ignore bonus depreciation. Assume Acme has plenty of income 1) $320,000 O2) $1,020,000 3) $1,136.000 4) $1.600.000