Suppose Canyon Buff Corp (CBC) has purchased a new piece of equipment worth $5,000,000. The equipment is expected to have a useful life of 5 years and a salvage value of $250,000. Assuming that CBC uses straight line depreciation to determine depreciation expense for the equipment, what is the equipments depreciation expense in year 1?

Instruction: Type ONLY your numerical answer in the unit of dollars, NO $ sign, NO comma, and round to one decimal places. E.g., if your answer is $7,001.56, should type ONLY the number 7001.6, NEITHER 7,001.6, $7001.6, $7,001.6, NOR 7002. Otherwise, Blackboard will treat it as a wrong answer.