Question 80 wiew Policies Current Attempt in Progress On November 1, 2016, Pharoah Company places a new asset into service. The cost of the asset is $69500 with an estimated 5-year life and $7500 salvage value at the end of its useful life. What is the depreciation expense for 2017 if Pharoah Company uses the straight-line method of depreciation? $2067 $12400 $6950 $3100