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Records show the following information for a plant asset purchased on October 1 of Year 1. begin{tabular}{ccccc} Cost & Salvage Value & Purchase Date &

image text in transcribed Records show the following information for a plant asset purchased on October 1 of Year 1. \begin{tabular}{ccccc} Cost & Salvage Value & Purchase Date & Useful Life & Depreciation Method \\ $160,000 & $22,000 & October 1 & 6 years & Straight-line \end{tabular} Calculate depreciation expense for Year 1 and Year 2 for the year ended December 31. \begin{tabular}{|l|l|} \hline Depreciation expense for Year 1 for the year ended December 31 & \\ \hline Depreciation expense for Year 2 for the year ended December 31 & \\ \hline \end{tabular} Records show the following information for a plant asset purchased on October 1 of Year 1. \begin{tabular}{ccccc} Cost & Salvage Value & Purchase Date & Useful Life & Depreciation Method \\ $160,000 & $22,000 & October 1 & 6 years & Straight-line \end{tabular} Calculate depreciation expense for Year 1 and Year 2 for the year ended December 31. \begin{tabular}{|l|l|} \hline Depreciation expense for Year 1 for the year ended December 31 & \\ \hline Depreciation expense for Year 2 for the year ended December 31 & \\ \hline \end{tabular}

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