Modified Accelerated Cost Recovery System (MACRS), Election to Expense, Listed Property, Limitation on Depreciation of Luxury Automobiles (LO 8.2, 8.3, 8.4, 8.5)

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

New passenger automobile (September 30) $66,000

Baking equipment (June 30) 10,000

Use depreciation table and annual automobile depreciation limitations

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.

I need an explanation step by step. Please.