Early in its first year of business, Toner Company, a fitness and training center, purchased new workout equipment. The acquisition Included the following costs: Purchase price $150,000 Tax 15,000 Transportation 4,000 Setup* 25,000 Painting* 3,000 The equipment was adjusted to Toner's specific needs and painted to match the other equipment In the gym. The bookkeeper recorded an asset. Equipment, $165,000 (purchase price and tax). The remaining costs were expensed for the year. Toner used straight-line depreciation. The equipment was expected to last ten years with zero salvage value. Required: How much depreciation did Toner report on its income statement related to this equipment in Year 1? $ 16, 500 What is the correct amount of depreciation to report in Year 1? $ _______