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On November 1, 2021. Pharoah Company places a new asset into service. The cost of the asset is $69500 with an estimated 5-year life and

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On November 1, 2021. Pharoah Company places a new asset into service. The cost of the asset is $69500 with an estimated 5-year life and $7500 salvage value at the end of its useful life. What is the depreciation expense for 2022 if Pharoah Company uses the straight-line method of depreciation? $2067 $12400 $3100. O $6950

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