Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] On April 1, Cyclone Company purchases a trencher for $296,000. The machine is expected to last five years and have a salvage value of $48,000. Exercise 8-12 (Algo) Double-declining-balance, partial-year depreciation LO C2 Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the double-declining-balance method. (Enter all amounts as positive values.) Depreciation for the Period Annual Period Beginning of Depreciation Partial Depreciation Accumulated End of Period Period Book Book Value Rate Year Expense Depreciation Value Year 1 Year 2 $ 296,000 40% 9/12 $ $ 0 40% 12/12 $ D $ 0