Parker Company purchased an asset costing $44,000 on January 1, Year 1. The asset had an expected five year life and a $4,000 salvage value. Based on this information, the amount of depreciation expense and accumulated depreciation appearing on the Year 2 financial statements would be (assume straight-line depreciation): Multiple Choice $8,000 and $8,000, respectively. $8,000 and $16,000, respectively. $28,000, respectively $8.800 and $8800 and $16,000, respectively