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 the half-year convention. Depreciation expense recognized on this machinery in 2017 and 2018 will be $2,500 in 2017 and $5,000 in 2018. $6,875 in 2017 and $3.438 in 2018. O $4,375 in 2017 and $8.750 in 2018. $14.062 in 2017 and $6.875 in 2018