July Enterprises purchased equipment on March 1, 2022, for $75,000. The company also paid the following amounts: $500 for freight charges: $2,300 to train employees to use the new equipment; and $2,800 for testing and installation. The equipment will be depreciated on a straight-line basis over 10 years. At December 31, 2022, July will have depreciation expense for the equipment in the amount of Multiple Choice $6,250 $6,525 $6.700 $8,040 $7,830