A firm prepares financial statements in compliance with IFRS. Their policy is to depreciate equipment for four years using a straight line method and to estimate the residual value at 10% of the original cost. On January 1, 2020, the company acquired a piece of equipment for $3,000 and estimated it to be valued at $3,500. SELECT ONLY ONE $675.00 What is the correct depreciation expense for the year ending on December 31, 2020? $750.00 $787.50 $875.00 D