During $2022,$ William purchases the following capital assets for use in his catering business:

New passenger automobile $($September $30)$ $$63,200$

Baking equipment $($June $30)18,960$

Assume that William decides to use the election to expense on the baking equipment $($and has adequate taxable income to cover the deduction$)$ but not on the automobile, and he also uses the MACRS accelerated method to calculate depreciation but elects out of bonus depreciation.