Ivanhoe Company acquires equipment at a cost of $41,500 on January 3,2024 . Management estimates the equipment will have a residual value of $5,800 at the end of its 2 -year useful life. Assume the company uses the straight-line method of depreciation. Calculate the depreciation expense for each year of the equipment's life. Ivanhoe has a December 31 fiscal year end. Depreciation expense $ eTextbook and Media