Required information [The following information applies to the questions displayed below.] On April 1, Cyclone Company purchases a trencher for $280,000. The machine is expected to last five years and have a salvage value of $40,000. Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the straight-line method. m Required information \begin{tabular}{|c|l|l|l|l|l|} \hline \multicolumn{2}{|c|}{ Choose Numerator: } & Choose Denominator: & Annual Depreciation \\ \hline & & & & = & Annual depreciation \\ \hline Year & Annual Depreciation & & Fraction of Year & = & Depreciation Expense \\ \hline First year & & & & = \\ \hline Second year & & & & = \\ \hline \end{tabular}