Skyes, Inc., purchased a new piece of equipment with a cost of $43,600 and a $6,000 residual value and placed it into service on April 1, Year 1. The equipment was installed at an additional cost of $3,400. The estimated life of the equipment is 8 years. Complete Skyes's calculations of depreciation expenses for the asset in Year 1 and Year 2 using the information above. Enter the appropriate amounts in the designated cells below. Enter all amounts as positive values. Round all amounts to the nearest dollar. Year 1 Year 2 Depreciation expense using the straight-line method 123 123 Depreciation expense using the double-declining balance method 123 123