Seven-year property costing $75,000 was placed in service on July 7 of the current year. The property has no salvage value and is depreciated using straight-line. Assuming the company elects not to take advantage of either bonus depreciation or the Code Sec. 179 deduction and the mid-quarter convention applies to all seven-year property placed in service this year, what will be depreciation expense with regard to this property for the current year?

Group of answer choices

$10,714

$4,018

$5,357

None of the above

PS: I answered with the $5,357 answer and it was wrong. I hope you could explain this question to me. Thank you