Producer purchased a new tractor in 2020. Purchase price $200,000. Determine the tax depreciation expense for year 2 using Modified Accelerated Cost Recovery System (MACRS) Depreciation. Assume the tractor is 5 year MACRS property. MACRS Rates for 5 Year Property: Year 1 - 20%, Year 2 -32%, Year 3 - 19.20%, Year 4 - 11.52%, Year 5 - 11.52%, Year 6 -5.76% $64,000 $104.000 $38,400 $40,000