Problem 4 - cost recovery John Rawls owns and operates Philosophical Consulting, Inc. During 2020 and 2021 he made the following purchases of assets for use in the business: Asset Date of Purchase Cost Office Furniture 5/1/2020 $400,000 Computer System 11/15/2021 $800,000 His business income, prior to any cost recovery deduction, was $300,000 in 2020 and $500,000 in 2021. Prior to 2021 John always elected to take the maximum possible depreciation deduction. However, in 2021 he wants to report the highest taxable income he can. Ignore and excess business loss or NOL limitations, and assume the taxpayer never makes the straight-line election. Required: What is the 2021 cost recovery deduction for Philosophical Consulting Inc? 22