On July 1, 2023, Monty Co. purchased some equipment that initially cost $53,000. Additional costs included freight costs of $250, non-refundable taxes of $6,400, and installation of $300. Estimated residual value is $2,400. The company uses a straight-line rate of 10%. Monty’s fiscal year end is June 30. Depreciation expense for the 2024 fiscal year end is
Select answer from the options below
$6,200.
$5,755.
$5,935.
$5,960.