Tyler Company purchased equipment that cost $268,000 on January 1, Year 1. The equipment had an expected useful life of five years and an estimated salvage value of $6,000. Assuming that Tyler depreciates it's assets under the straight-line method, the amount of depreciation expense appearing on the Year 1 income statement would be:

• $26,800
• $52,400
• $53,600
• $60,000