Horace Company uses straight-line depreciation and issues financial statements every December 31. On January 1, 2020, Horace purchased equipment from an out-of-state dealership for $68,000. Horace Company paid shipping of $2,800 and spent $8,000 to have the equipment installed. The company's records show an estimated salvage value of $24,000 at the end of the equipment's ten- year useful life. What amount of accumulated depreciation will be recorded in Horace Company's accounting records at December 31, 2021? $5,480 All answer choices are incorrect. $9,896 $10,960