At the beginning of its 2021 tax year, Hiram owned the following business assets: Depreciation Convention Date Placed in Initial Cost Service Accumulated Depreciation Recovery Period $34,000 $13,185 7-year Half-year 77,750 80,750 55,358 57,494 5-year Half-year 5-year Half-year Furniture Equipment Machinery 6/19/19 5/2/18 9/30/18 On July 8, Hiram sold its equipment. On August 18, it purchased and placed in service new tools costing $592,000; these tools are three-year recovery property. These were Hiram's only capital transactions for the year. Required: Compute Hiram's maximum cost recovery deduction for 2021. In making your computation, assume that taxable income before depreciation exceeds $1,030,000. Use Table 7-2. (Enter all amounts as positive values. Round your intermediate computations and final answers to the nearest whole dollar amount.) Furniture Equipment Machinery Total MACRS Depreciation Section 179/bonus on new tools Maximum 2021 cost recovery deduction 2021 Depreciation