On May 1 of the current year, a company purchases and places into service new equipment. The cost of the equipment is $115,000. The equipment has an estimated 10-year life and $15,000 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 $10,000 O $7,667 O $5,833 O $11,500 O $6,667