On January 1, Year 1. Milton Manufacturing Company purchased equipment with a list price of $37,000. A total of $4,000 was paid for installation and testing. During the first year, Milton paid $6,000 for insurance on the equipment and another $700 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 $8,000. During Year 1, the equipment produced 14,000 units. What is closest to the amount of depreciation for the year? (Do not round intermediate calculations.) Multiple Choice $4,620 $5,558 $6,580 $5,460