Exercise 8-25 (Algorithmic) (LO. 4) On April 5, 2021, Kinsey places in service a new automobile that cost $56,000. He does not elect 179 expensing, and he elects not to take any available additional first-year depreciation. The car is used 95% for business and 5% for personal use in each tax year. Kinsey chooses the MACRS 200% declining-balance method of cost recovery (the auto is a 5-year asset). Click here to access the depreciation table to use for this problem. Assume the following luxury automobile limitations: year 1: $10,100; year 2: $16,100. If required, round your final answers to the nearest dollar. Compute the total depreciation allowed for: 2021: $ 2022: $ 56,000 x 20 x 95% X 10,640 95% 10,108 56,000 X 32%X 95% 95%=