A business purchased equipment for $161575 on July 1,2016. The equipment will be depreciated over the tive years of its estimated useful life using the straight-line depreciation method. The business records depreciation once a year on December 31. How much depreciation on the equipment will be recorded for the year 2016? (Assume the residual value of the acquired equipment to be 11644.) Answer in dollars and cents $0.00)