MACRS (LO. 6) Chen Corporation purchases the following business assets during the current year: Asset Office furniture Computer Boat Date Purchased Cost Recovery-period 1/15/18 $480,000 4/1/18 $60,000 7/21/18 $1,003,000 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 $ Hint: Maximize the Section 179 election effect.) MACRS (LO. 6) Chen Corporation purchases the following business assets during the current year: Asset Office furniture Computer Boat Date Purchased Cost Recovery-period 1/15/18 $480,000 4/1/18 $60,000 7/21/18 $1,003,000 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 $ Hint: Maximize the Section 179 election effect.)