On January 1, 2011, Racine Company purchased equipment that cost $55,000 cash. The equipment had an expected useful life of six years and an estimated Salvage value of $4,000. Assuming that Racine depreciates its assets under the straight line method, the amount of depreciation expense appearing on the December 31, 2015 income statement and the amount of accumulated depreciation appearing on the December 31, 2015 balance sheet would be Depreciation Expense $8,500 $8,500 $8,500 $25,500 Accumulated Depreciation $25,500 $8,500 $17,000 $25,500 Multiple Choice O Choice A to search (hp)