On January 1, 2016, Milton Manufacturing Company purchased equipment with a list price of $19,000. A total of $700 was paid for Installation and testing. During the first year, Milton pald $5,400 for Insurance on the equipment and another $520 for routine maintenance and repairs. Innovative uses the units-of-production method of depreciation. Useful life is estimated at 100,000 units, and estimated salvage value is $1,400. During 2016, the equipment produced 14,000 units. What is closest to the amount of depreciation for the year? $3,391 $2,562 $3,514 $3,318