On January 1 Year 1. Milton Manufacturing Company purchased equipment with a list price of $26.000. A total of $1,800 was paid for installation and testing. During the first year, Milton paid $2,700 for insurance on the equipment and another $590 for routine maintenance and repairs. Milton uses the units-of-production method of depreciation. Useful life is estimated at 100,000 units, and estimated salvage value is $3,600. During Year 1, the equipment produced 12,000 units. What is closest to the amount of depreciation for the year? (Do not round Intermediate calculations.) Multiple Choice o o o o