Oriole Enterprises purchased equipment on March 15, 2024, for $68,620. The company also paid the following amounts: $500 for freight charges; $193 for insurance while the equipment was in transit; $1,828 for a one-year insurance policy; $2,127 to train employees to use the new equipment; and $2,527 for testing and installation. The company began to use the equipment on April 1 Oriole has estimated the equipment will have a 10-year useful life with no residual value. It expects to consume the equipment's future economic benefits evenly over the useful life. The company has a December 31 year end. Calculate the depreciation on the equipment for 2024