On November1, 2011, Frigate Shipping Company bought equipment that cost$400,000, with an estimated useful life of 8 years and an estimated salvage value of$28,000. The company uses the straightminus

line method of depreciation and has a fiscal year ending on October 31. For the year ended October31, 2012, Frigate Company will report depreciation expense of________.

A.

$31,000

B.

$46,500

C.

$50,000

D.

$33,333