At the beginning of its 2018 tax year, Hiram owned the following business assets Date PLaced Initial Accumulated Recovery Depreciation Depreciation Period Convention 7-year Half-yean 5-year Half-year 5-year Half-year Cost n Service $17,451 44,678 56, 604 Furniture 6/19/16 $45,000 62,750 79,500 5/2/15 9/30/15 Equipment Machinery On July 8, Hiram sold its equipment. On August 18, it purchased and placed in service new tools costing $605,000; 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 $1,160,000. Use Table 7-2. (Enter all amounts as positive values. Round your intermediate computations and final answers to the nearest whole dollar amount.) 2018 MACRS Depreciation 7,871 Furniture Equipment 9,158 Machinery 17,029 Total MACRS Depreciation Section 179/bonus on new tools 17,029 Total 2018 cost recovery