Equipment with a cost of $154,639.00 has an estimated residual value of $7,939.00 and an estimated life of 3 years or 14,766 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used 3,104 hours?

Select the correct answer.

$3.00

$30,838.20

$48,900.00

$47.26