On October 1, 2017, Sheridan Company places a new asset into service. The cost of the asset is $92000 with an estimated 5-year life and $23000 salvage value at the end of its useful life. What is the depreciation expense for 2017 if Sheridan Company uses the straight-line method of depreciation?

$3450.

$18400.

$4600.

$9200.