Problem 8-8 (Algorithmic) Modified Accelerated Cost Recovery System (MACR5), Flection to Expense, Listed Property, Limitation on Depreciation of Luxury Autornobiles (LO 8.2, 8.3, B.4, 8.5) During 2021, Whtiam purchases the following capital assets for use in his catering business: Assume that Wiliam theides to use the election to expense on the taking equipment (and has adequate taxable income to cover the deductian) but not on the automoble (which has a 5 -year recovery period), and ne also uses the MACRS accelerated method to calculate depreciation but elects out of bonus depreciation. Assume he has adequate taxable income. Click here to access the depreciation table and click here to access the annual automobile depreciation limitations. Calculate Wallam's maximum depreciation deduction for 2021 , assuming he uses the automoble 100 percent in his business