On June 1, 2021, PC Inc. purchased new equipment for its manufacturing facility. Costs associated with the equipment are as follows: Amount paid to supplier for the purchase of the equipment $457,900 Insurance on equipment while in transit to PC Inc.'s manufacturing facility 15,620 Cost of removing old machine from the factory in preparation of placement of new equipment 17,156 Cost paid to insure equipment for the year ending May 31, 2022 22,598 The equipment has an estimated useful life of 12 years, with a residual value of $4,400. On June 1, 2024, PC Inc. added a new part to the equipment that cost $68,200. This part will reduce the cost of operating the equipment. PC Inc. uses the straight-line method of depreciation for its equipment. PC Inc. follows IFRS, and has a year end of May 31. Required: Calculate the depreciation expense on the equipment for the year ended May 31, 2022. Calculate depreciation expense on the equipment for the year ended May 31, 2025