On March 1 of the current year, Frasier Company purchases and places into service new equipment The cost of the equipment is $55,000. The equipment has an estimated 5-year life and $10,000 salvage value at the end of its useful life. What is the depreciation expense for the current year ending December 31 if the company uses the straight-line method of depreciation? O $7,500 O $11,000 $9,000 O $6,750 $9.167