On January 1, 2022, the Racine Company purchased equipment that cost $31,000. They paid for this equipment in 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 using the straight-line method, the amount of depreciation expense appearing on the December 31, 2023 income statement would be: 4,000 8,000 4,429 8,858