Kansas Enterprises purchased equipment for $$75,500$ on January $1,2021.$ The equipment is expected to have a five$-$year service life, with a

residual value of $$7,050$ at the end of five years.

Using the straight$-$line method, depreciation expense for $2021$ would be:

Multiple Choice

$$13,690.$

$$16,510.$

$$30,200.$

$$15,100.$