A company purchased equipment at the beginning of 2021 for $500,000. The equipment is depreciated on a straight-line basis with an estimated useful life of nine years and a $50,000 residual value. What amount of depreciation expense will they recognize in the first year if they are using Straight-Line depreciation? (Round your answer to the closest dollar)

Group of answer choices

$75,000.

$50,000.

$55,556.

$87,500.