Required information [The following information applies to the questions displayed below.] On January 1, the Matthews Band pays $65,600 for sound equipment. The band estimates it will use this equipment for five years and perform 200 concerts. It estimates that after five years it can sell the equipment for $2,000. During the first year, the band performs 55 concerts. Compute the first-year depreciation using the straight-line method. Choose Numerator: Straight-Line Depreciation Choose Denominator: Annual Depreciation Expense Depreciation expense