On January 1, 2021, Racine Company purchased equipment that cost $31,000 cash. The equipment had an expected useful life of seven years and an estimated salvage value of $3,000. Assuming that Racine depreciates its assets under the straight-line method, the amount of depreciation expense appearing on the December 31.2021 income statement would be: O 4,000 O 5,333 5.833 O 10,667