An asset costs $220,000 and is classified as a ten-year asset. What is the annual depreciation expense for the first three years under the straight-line and the modified accelerated cost recovery systems of depreciation? Be sure to apply the half-year convention to straight-line depreciation. Use Exhibit 9.4 to answer the question. Round your answers to the nearest dollar Straight-line depreciation: Year Depreciation expense 1 2 3 $ Accelerated cost recovery system of depreciation Year Depreciation expense 1 2 $ 3 $