During 2020, William purchases the following capital assets for use in this catering business New passenger automobile (September 30) 563,000 Baking equipment (June 30) 18,900 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 (which has a 5-year recovery period), and he 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 William's maximum depreciation deduction for 2020, assuming he uses the automobile 100 percent in his business 5,760 X On October 8, 2020, Holly purchased a residential apartment building. The cost basis assigned to the bulding is $263,300. Holly also owns another residential apartment building that she purchased on August 15, 2020, with a cost basis of 5466,000 Click here to access the depreciation tables. If required, round Intermediate calculations and final answers to nearest dollar. a. Calculate Holly's total depreciation deduction for the apartments for 2020 using MACRS $15,228 X Feedia Chew Wor b. Calculate Holly's total depreciation deduction for the apartments for 2021 using MACRS. 26,517 X