Equipment was purchased for $98100 on January 1, 2021. Freight charges amounted to $2600 and there was a cost of $8000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $25000 salvage value at the end of its 5-year useful life. What is the amount of accumulated depreciation at December 31, 2022 if the straight-line method of depreciation is used?

$33480.

$16740.

$29220.

$17500.