The Target Corporation purchased a larger freezer to hold its frozen foods and frozen desserts that it sells on a regular basis. The cost of the equipment was $50,000 and is expected to be useful for only 10 years. At the end of the 10 year period, Target should be able to salvage $5,000. Target paid $1,000 to have the item shipped to the San Marcos location. It paid an additional $2,500 to modify the equipment to fit in the store. Target also paid $1,500 to ensure the equipment would work with the electrical system. All costs related to the equipment were purchased on account. Target uses the straight-line depreciation method.
What is the depreciation expense for the equipment in Year 1?
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