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?