5 A company purchases equipment for $30,000 on July 1, 2015. It estimates that the equipment will have a salvage value of $2,000 and its useful life will be 7 years. Assuming that the company's accounting year ends on December 31 of each year, what will be the Depreciation Expense for the years 2015 and 2016 assuming straight-line depreciation?

Year 2015: $__________

Year 2016: $__________