On December 1 of the current year, Acme Company places a new asset into service. The cost of the asset is $50,000 with an estimated 5-year life and $10,000 residual value at the end of its useful life. What is the depreciation expense for the following full year if Acme Company uses the straight-line method of depreciation? $2,000 $8,000 O $4,500 O $1,333