1. On April 30, Year 1, Tilton Products purchased machinery for $55,000. The useful life of this machinery is estimated at 8 years, with an $15,000 residual value. Tilton uses a calendar year-end for financial reporting.

Assume that in its financial statements, Tilton Products uses straight-line depreciation and the half-year convention. Depreciation expense recognized on this machinery in Year 1 and Year 2 will be:

• $14,062 in Year 1 and $6,875 in Year 2.

• $4,375 in Year 1 and $8,750 in Year 2.

• $6,875 in Year 1 and $3,438 in Year 2.

• $2,500 in Year 1 and $5,000 in Year 2

2. On April 30, Year 1, Tilton Products purchased machinery for $55,000. The useful life of this machinery is estimated at 8 years, with an $5,000 residual value. Tilton uses a calendar year-end for financial reporting.

Assume that in its financial statements, Tilton Products uses straight-line depreciation and rounds depreciation for fractional years to the nearest month. Depreciation expense recognized on this machinery in Year 1 and Year 2 will be:

• $3,333 in Year 1 and $6,250 in Year 2.

• $2,500 in Year 1 and $6,250 in Year 2.

• $4,167 in Year 1 and $6,250 in Year 2.

• $6,250 in Year 1 and $6,250 in Year 2.

3. On April 30, Year 1, Tilton Products purchased machinery for $44,000. The useful life of this machinery is estimated at 8 years, with an $4,000 residual value. Tilton uses a calendar year-end for financial reporting.

Assume that in its financial statements, Tilton Products uses the 200%-declining-balance method and the half-year convention. Depreciation expense in Year 1 and Year 2 will be:

• $11,000 in Year 1 and $8,250 in Year 2.

• $11,000 in Year 1 and $9,625 in Year 2.

• $5,500 in Year 1 and $9,625 in Year 2.

• $5,500 in Year 1 and $11,000 in Year 2.

4.On April 30, Year 1, Tilton Products purchased machinery for $44,000. The useful life of this machinery is estimated at 8 years, with an $4,000 residual value. Tilton uses a calendar year-end for financial reporting.

Assume that in its financial statements, Tilton Products uses the 150%-declining-balance method and the half-year convention. Depreciation expense in Year 1 and Year 2 will be:

• $4,125 in Year 1 and $7,477 in Year 2.

• $7,500 in Year 1 and $6,844 in Year 2.

• $8,250 in Year 1 and $8,250 in Year 2.

• $8,250 in Year 1 and $7,477 in Year 2.