Timber Products recently purchased new machinery at a cost of $450,000. Management estimates that the equipment will have a useful life of 15 years and no salvage value at the end of the period. If the straight-line depreciation method is used for financial reporting, calculate: a) Annual depreciation expense. b) Accumulated depreciation at the end of year 1 and year 2. c) The balance sheet account: fixed assets (net), at the end of years 1 and 2. Use the following information to answer parts (d) and (e): o Assume depreciation expense for tax purposes in year 1 is $45,000 o Assume the tax rate is 30% o d) How much will depreciation expense reported for tax purposes in year 1 exceed depreciation expense reported in the financial statements in year 1? e) The difference between taxes actually paid in year1 and tax expense reported in the financial statements in year 1.