Equipment was purchased for $147000. Freight charges amounted to $6500 and there was a cost of $20700 for building a foundation and installing the equipment. It is estimated that the equipment will have a $31000 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be O $28640 O $23960 O $34840. O $23200.