Equipment was purchased for $370000. Freight charges amounted to $4000 and there was a cost of $28000 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 $67600. O $74200. O $67800. O $80400.

Equipment was purchased for \\( \\$ 370000 \\). Freight charges amounted to \\( \\$ 4000 \\) and there was a cost of \\( \\$ 28000 \\) 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 \\( \\$ 67600 \\). \\( \\$ 74200 \\). \\( \\$ 67800 \\). \\( \\$ 80400 \\)