MACRS (LO. 6) Chen Corporation purchases the following business assets during the current year: Asset Date Purchased Cost Recovery period Office furniture 1/15/20 $480,000 7 Computer 4/1/20 $60,000 5 Boat 7/21/20 $1,043,000 10 Refer to the MACRS Depreciation Table to answer the following question. Note: Round all values to the nearest dollar. Assume that Chen elects not to claim bonus depreciation. The maximum current year cost recovery deduction on the sets purchased Maximize the Section 179 election effect.) (Hint MACRS (LO. 6) Chen Corporation purchases the following business assets during the current year: Asset Date Purchased Cost Recovery period Office furniture 1/15/20 $480,000 7 Computer 4/1/20 $60,000 5 Boat 7/21/20 $1,043,000 10 Refer to the MACRS Depreciation Table to answer the following question. Note: Round all values to the nearest dollar. Assume that Chen elects not to claim bonus depreciation. The maximum current year cost recovery deduction on the sets purchased Maximize the Section 179 election effect.) (Hint