Can I depreciate my assets for 5 years, and is it ethical? What imapct will it have on my income, and what actions should I take to do so?

Are you asking this for a homework question? If so, we do not just answer homework for people -- you should show your attempts at doing so yourself first.

If this is for real life, it would be nice to know a bit more about your assets. Different assets are depreciated for different periods. In and of itself, depreciating something for 5 years isn't unethical. I'm also not sure what "what actions should I take to do so" means. Are you referring to the entry?