On April 30, Year 1. Tilton Products purchased machinery for $264,000. The useful life of this machinery is estimated at 8 years, with an $24.000 residual value. Tilton uses a calendar year-end for financial reporting, Assume that in its financial statements, Tilton Products uses straight-line depreciation and the half-year convention, Depreciation expense recognized on this machinery in Year 1 and Year 2 will be: Multiple Choice $18.000 in Year 1 and $36,000 in Year 2. $15.000 in Your hand $30,000 in Year 2 $22.500 in Yeart and $33,000 in Year 2. $33,000 in Year 1 and 516,500 in Year 2