Cost of Asset and Depreciation Method Heist Company purchased a machine on January 2, Year 1,...

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Cost of Asset and Depreciation Method Heist Company purchased a machine on January 2, Year 1, and uses the 150%-declining-balance depreciation method. The machine has an expected life of 10 years and an expected residual value of $5,000. The following costs relate to the acquisition and use of the machine during the first year of its operations: Invoice price $50,000 Testing $1,100 Discounts available and taken 1,000 Freight 700 Installation 900 Normal spoilage of materials during the year Abnormal spoilage of materials during the year Wages of machine operator 750 250 15,000 Required: 1. Compute the depreciation expense for Year 1 and Year 2. If required, round to the nearest dollar. Year 1 $ x Year 2 $ x Cost of Asset and Depreciation Method Heist Company purchased a machine on January 2, Year 1, and uses the 150%-declining-balance depreciation method. The machine has an expected life of 10 years and an expected residual value of $5,000. The following costs relate to the acquisition and use of the machine during the first year of its operations: Invoice price $50,000 Testing $1,100 Discounts available and taken 1,000 Freight 700 Installation 900 Normal spoilage of materials during the year Abnormal spoilage of materials during the year Wages of machine operator 750 250 15,000 Required: 1. Compute the depreciation expense for Year 1 and Year 2. If required, round to the nearest dollar. Year 1 $ x Year 2 $ x