Exercise 7. The Milton Company takes a full year's depreciation expense in the year of an asset's acquisition, and no depreciation expense in the year of disposition. Data relating to one of Milton's depreciable assets at December 31, 2017, are as follows:

Acquisition year2013

Cost$110,000

Residual value11,000

Accumulated depreciation83,897

Estimated useful life8 years

Using the same depreciation method as used in 2013, 2014, 2015, 2016 and 2017, how much depreciation expense should Milton record in 2018 for this asset. Hint: You will need to first determine the depreciation method that was used. There is enough information above to determine the method.