QUESTION 38 Equipment was purchased for S150,000 Freight charges amounted to 57 000 and there was a cost of $20.000 for building a foundation and installing the equipment. It is estimated that the equipment will have a 530 000 salvage value at the end of its 5-year useful life Depreciation expense each year using the straight-line method will be 535 400 529 400 $24,600 $24 000