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On April 30, Year 1, Titon Products purchased machinery for $88,000. The useful life of...

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Accounting

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On April 30, Year 1, Titon Products purchased machinery for $88,000. The useful life of this machinery is estimated at 8 years, with an $8,000 residual value. Titton uses a calendar year-end for financial reporting Assume that in its financial statements, Tilton Products uses the 150\%-declining-balance method and the haif-year convention. Depreciation expense in Year 1 and Year 2 will be: Multiple Choice $15,000 in Year 1 and $13.688 in Year 2 $8,250 in Year 1 and 514,953 in Year 2. $15,500 in Yeor 1 and $16,500 in Year 2. $16.500 in Year 1 and 514,953 in Year 2

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