On October 1, 2022, Ivanhoe Company places a new asset into service. The cost of the asset is $240000 with an estimated 5-year life and $21000 salvage value at the end of its useful life. What is the depreciation expense for 2022 if Ivanhoe Company uses the straight-line method of depreciation? $24000. O $10950 O $48000 O $14600