8. (7 points) A farmer purchased a tractor in 2022 for a total cost of $165,000. Following the tax reform bill passed by Congress in 2017/18, the IRS now classifies tractors as having a 5-year useful life and allows agricultural assets to be depreciated using a 200% declining balance depreciation; agricultural assets were previously 150%. Compute the annual depreciation expense that the farmer can take. Don't forget the mid- year convention and that the MACRS 200% declining balance methods converts to straight-line beginning in year 4. Show all your work and round to the nearest dollar. Year Depreciation Amount Book Value Show Calculations Here