Equipment was purchased for $75,000. Fright charges amounted to $3,500 and there was a cost of $10,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $15,000 salvage value at the end of its five year useful life. Depreciation expense each year using the straight-line method will be a. $17,700 b. $14,700 c. $12,300 d. $12,000