An item was purchased for $450,000 with a useful life of 12 years and a salvage value of $25,000. Using the Double Declining Balance method of depreciation what is the depreciation expense for years one and two respectively: $46,667.67 and $40,444.44 $75,000 and $62,500 $70,838.33 and $63,194.45 $108,333.33 and $90,277.78