(5 points) On October 31, 2022, CMFI, Inc. purchased equipment for $3,615,800. The salvage value of the equipment is estimated to be $434,000 and the management team believes that the equipment can be used for 5 years. Assuming the company uses the sum-of-the-years'-digits method and follows FASB's preferences for recording partial year depreciation, what should the company record as depreciation expense in 2023? (A 28) $883,833 $848,480 $176,767 $1,025,247