Required information [The following information applies to the questions displayed below) On April 30, 2017, Tilton Products purchased machinery for $55,000. The useful life of this machinery is estimated at 8 years, with an $15,000 residual value. Assume that in its financial statements, Tilton Products uses straight-line depreciation and rounds depreciation for fractional years to the nearest month Depreciation expense recognized on this machinery in 2017 and 2018 will be: O $10,000 in 2017 and $5,000 in 2018. $7,500 in 2017 and $5,000 in 2018. $5,000 in 2017 and $5,000 in 2018. $3.333 in 2017 and $5,000 in 2018. Required information [The following information applies to the questions displayed below) On April 30, 2017. Tilton Products purchased machinery for $55,000. The useful life of this machinery is estimated at 8 years, with an $15,000 residual value. Assume that in its financial statements, Tilton Products uses the 200%-declining balance method and the half-year convention. Depreciation expense in 2017 and 2018 will be: $6,875 in 2017 and $12,031 in 2018. $13,750 in 2017 and $10,313 in 2018. $6,875 in 2017 and $13,750 in 2018. $13.750 in 2017 and $12,031 in 2018. Required information The following information applies to the questions displayed below.) On April 30, 2017. Tilton Products purchased machinery for $55,000. The useful life of this machinery is estimated at 8 years, with an $15,000 residual value. Assume that in its financial statements, Tilton Products uses the 150%-declining balance method and the half-year convention. Depreciation expense in 2017 and 2018 will be $7,500 in 2017 and $8,906 in 2018. $5,157 in 2017 and $9,346 in 2018. (0) $10.313 in 2017 and $9.346 in 2018. $10,313 in 2017 and $10.313 in 2018