MACRS (LO. 6) Chen Corporation purchases the following business assets during the current year: Asset Date Purchased Cost Recovery-period Office furniture 1/15/19 $480,000 7 Computer 4/1/19 $60,000 5 Boat 7/21/19 $1,023,000 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 assets purchased is $ 1,102,892 X . (Hint: Maximize the Section 179 election effect.) Feedback Check My Work To maximize the current year's cost recovery deductions, the general strategy should be applied