At the beginning of its 2019 tax year, Hiram owned the following business assets: Date Placed in Service Initial Cost Accumulated Depreciation Recovery Period Depreciation Convention Furniture 6/19/17 $55,500 $21,523 7-year Half-year Equipment 5/2/16 88,750 63,190 5-year Half-year Machinery 9/30/16 69,250 49,306 5-year Half-year On July 8, Hiram sold its equipment. On August 18, it purchased and placed in service new tools costing $610,000; these tools are three-year recovery property. These were Hirams only capital transactions for the year. Compute Hirams maximum cost recovery deduction for 2019. In making your computation, assume that taxable income before depreciation exceeds $1,210,000. Use Table 7-2. (Enter all amounts as positive values. Round your intermediate computations and final answers to the nearest whole dollar amount.)