Multiple Choice Question 92 Equipment was purchased for $88500 on January 1, 2016. Freight charges amounted to $3800 and there was a cost of $12000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $23000 salvage value at th end of its 5-year useful life. What is the amount of accumulated depreciation at December 31, 2017, if the straight-line method of depreciation is used? $32520. $16260. N $14540. $27700