On September 1, 2018, Speaker Company purchased equipment for $66,000, and installation costs totaled $5,000. The equipment has an estimated useful life of 8 years and an estimated salvage value of $3,000. If the company uses the straight line method, the depreciation expense for 2018 would be:

Select one:

a.

$2,833.33

b.

$8,500

c.

$4,250

d.

$2,625

The correct answer is $2,833.33 but I need to know how to work the equation.