On July8, Hiram sold its equipment. On August 18, it purchased and placedin service new tools costing $589,000; these tools are three-yearrecovery property. These were Hiram's only capital transact At the beginning of its 2022 tax year, Hiram owned the following business assets: On July 8. Hiram sold its equipment. On August 18 , it purchased and placed in service new tools costing \( \$ 589,000 2 answers