Problem 9-05 An asset costs $350,000 and is classified as a ten-year asset. What is the annual depreciation expense for the first three years under the straight-line and the modified accelerated cost recovery systems of depreciation? Be sure to apply the half-year convention to straight-line depreciation. Use Exhib 9.4 to answer the question. Round your answers to the nearest dollar Straight-line depreciation: Year Depreciation expense $ $ 1 2 3 Accelerated cost recovery system of depreciation: Year 1 2 3 Depreciation expense $ $ N $