At the beginning of its 2021 tax year, Hiram owned the following business assets: Furniture Equipment Machinery Date Placed in Initial Cost Service 6/19/19 $41,500 5/2/18 80,500 9/30/18 55,750 Accumulated Depreciation $ 16,094 57,316 39,694 Recovery Period 7-year 5-year 5-year Depreciation Convention Half-year Half-year Half-year On July 8, Hiram sold its equipment. On August 18, it purchased and placed in service new tools costing $601,000; 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 $1,120,000. Use Table 7-2. (Enter all amounts as positive values. Round your intermediate computations and final answers to the nearest whole dollar amount.) 2021 Depreciation Furniture Equipment Machinery Total MACRS Depreciation Section 179/bonus on new tools Maximum 2021 cost recovery deduction