Choice Question #1 (10 Points) Assume that there is a new proposal to depreciate assets over a 4 year life using a 175% declining balance switching to straight-line using half year convention. (No Bonus or Section 179) Calculate the depreciation of a $1000 asset for each year. (Show your work!) You may not need all of the lines below. Cost: Year 1 Depreciation Adjusted Basis Year 2 Depreciation Adjusted Basis Year 3 Depreciation Adjusted Basis Year 4 Depreciation Adjusted Basis Year 5 Depreciation Adjusted Basis Year 6 Depreciation Formula to Calculate Depreciation $1,000