On January 1, Hawaiian Specialty Foods purchased equipment for $38,000, Residual value at the end of an estimated four-year service life is expected to be $4,400. The machine operated for 3,180 hours in the first year, and the company expects the machine to operate for a total of 28,000 hours. Determine the financial statement effects of depreciation for each of the first two years using the straight-line method. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Year 1 Year 2 Determine the financial statement effects of depreciation for year 1 using the straight-line method. (Amounts to be deducted should be entered with minus sign.) Revenues Assets (9,500) Accumulated Depreciation Income Statement Expenses 9,500 Depreciation Expense Balance Sheet Liabilities Year 1 Year 2 > Net Income (9,500) Stockholders Equity (9,500)