7 On April 30, 2017, Tilton Products purchased machinery for $88,000. The useful life of this machinery is estimated at 8 years, with an $4,000 residual value. 3.33 points 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 2017 and 2018 will be: Print Multiple Choice $7,000 in 2017 and $10,500 in 2018. $2,000 in 2017 and $10,500 in 2018. $10,500 in 2017 and $10,500 in 2018. $2,667 in 2017 and $10,500 in 2018