PART B. Please show your work, clearly and neatly, otherwise credit will not answers are correct. There are no exceptions, please be given - even if ye 1) A company's property records revealed the following information about one of its plant assets: Cost Salvage Value Purchase Date Estimated Life Depreciation Method 7 years Straight-line 10/01 $450,000 Calculate the depreciation expense for the asset in Year 1 and Year 2 for the year ended December 31. Year 1 $30,000 Year 2 Show your work below