On April 30. Year 1, Titon Products purchased machinery for $176.000. The useful life of this machinery is estimated at 8 years, with an $16,000 residual value. Tilton uses a calendar year-end for financial reporting, Assume that in its financial statements, Tilton Products uses straight-line depreciation and rounds depreciation for fractional years to the nearest month. Depreciation expense recognized on this machinery in Year 1 and Year 2 will be: Multiple Choice $8,000 in Year 1 and $20,000 in Year 2 $20,000 in Year 1 and $20,000 in Year 2. $10,667 in Year 1 and $20.000 in Year 2 $13,333 in Yeart and $20,000 in Year 2