40. Equipment was purchased for $17,000. Freight charges amounted to $700 and there was a cost of $2,000 to install the equipment. It is estimated that the equipment will have a $4,000 salvage value at the end of its 5 year useful life. Depreciation expense each year using the straight line method will be a. $3,940 b. $3,140 c. $3,000 d. $2,600 e. None of the above