A company's property records revealed the following information about one of its plant asset:

Calculate the depreciation expense for the asset in Year 1 and Year 2 for the year ende

December 31.

Year 1:

Year 2:

A company's property records revealed the following information about one of its plant assets: Purchase Date Depreciation Method Cost Salvage Value $ 450,000 $ 30,000 Estimated Life 7 years 10/01 Straight-line Calculate the depreciation expense for the asset in Year 1 and Year 2 for the year ended December 31. Year 1: Year 2