On January 1, 2016, Milton Manufacturing Company purchased equipment with a list price of $31,000. A total of $2,800 was paid for installation and testing. During the first year, Milton paid $4,200 for insurance on the equipment and another $640 for routine maintenance and repairs. Innovative uses the units-of-production method of depreciation. Useful life is estimated at 100,000 units, and estimated salvage value is $5,600. During 2016, the equipment produced 14,000 units. What is closest to the amount of depreciation for the year?
a) $4,626
b) $3,948
c) $5,320
d) $4,536
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