Equipment was purchased for $161500. Freight charges amounted to $5500 and there was a cost of $10000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $38000 salvage value at the end of its 5-year useful life. Depreciation Expense each year using the straight-line method will be $27800. $29200 $24700 $35400 Click if you would like to Show Work for this question: Open Show Work Question Attempts: 0 of 1 used