On September 1st, 2021 a company purchased a piece of plant equipment for $53,000. In addition to the purchase price they paid $2,500 in transportation costs to have it shipped to their factory and $3,500 in installation costs. The equipment is estimated to have a twelve year life with a residual (salvage) value of $5,000. Using the straight-line method of depreciation how much depreciation expense will the company record for 2021? Numeric Response