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 the 200%-declining-balance method and the half-year convention. Depreciation expense in Year 1 and Year 2 will be: Multiple Choice $66,000 in Year 1 and $49,500 in Year 2. $66,000 in Year 1 and $57,750 in Year 2. $33,000 in Year 1 and $66,000 in Year 2. $33,000 in Year 1 and $57,750 in Year 2.