Equipment with a cost of $157,996.00 has an estimated residual value of $7,273.00 and an estimated life of 5 years or 14,085 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 3,520 hours? Select the correct answer. $30,144.60 $5.00 $37,667.37 $42.82