At the beginning of its 2018 tax year, Hiram owned the following business assets: Date Placed Inttial Accumulated Recovery Deprectatton in Service Furniture 6/19/16 Equipment Machinery 9/3/15 $50,750 78,250 78,000 Cost Depreciation Period Convention 7-year Half-year 5-year Half-year 5-year Half-year $19,681 55,714 49,848 5/2/15 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. Compute Hiram's maximum cost recovery deduction for 2018. In making your computation, assume that taxable income before depreciation exceeds $1,250,000. Use Table 7- (Enter all amounts as positive values. Round your intermediate computations and final answers to the nearest whole dollar amount.) Answer is complete but not entirely correct. 2018 MACRS De 8,878 4,507 8,064 21,447 818,646 x 840,093 Furniture Total MACRS Depreciation Section 179/bonus on new tools Total 2018 cost recovery