A Company's Property Records Revealed the Following Information About One

Essay

A company's property records revealed the following information about one of its plant assets:
$$\begin{array} { | c | l | c | l | l | } \hline \text { Cost } & \begin{array} { l } \text { Salvage } \\\text { Value }\end{array} & \begin{array} { l } \text { Purchase } \\\text { Date }\end{array} & \begin{array} { l } \text { Estimated } \\\text { Life }\end{array} & \text { Depreciation Method } \\\hline \$ 450,000 & \$ 30,000 & 10 / 01 & 7 \text { years } & \text { Straight-line } \\\hline\end{array}$$ Calculate the depreciation expense for the asset in Year 1 and Year 2 for the year ended December 31.
Year 1______________________ Year 2 _______________________