On January 1, 2019, Fiorentina Communications purchased a new piece of equipment that cost the company $30,000. The estimated useful life of the equipment is 5 years and its estimated residual value is $2,500. What is the depreciation expense for 2020 if Fiorentina uses the sum-of-years' digits method? $8,000 $7,333 $6,000 $5,500