On August 27, 20X1, Renaldo, Inc. purchases a new burgundy Toyota Corolla for use in the company business. The cost of the vehicle is $24,000, the useful life is estimated at four years, and the residual value is $2,000. For tax purposes, whats total depreciation that can be deducted by the company in the first year of the car's purchase, assuming the vehicle meets the definition of a passenger vehicle, the applicable MACRS rate is 20%, Renaldo opts out of Section 179 expensing, 100% bonus depreciation is taken, and the depreciation limit in year one is $18,200?

A $22,000

B $4,800

C $18,200

D $24,000

my calculation depreciation for year 1 was $24,000 but if the limit in year one is 18200, therefore the answer should be C? please explain.

Thank you.