On January 1, Year 1, Milton Manufacturing Company purchased equipment with a list price of $28,000. A total of $2200 was paid for installation and testing. During the first year, Milton paid $3300 for insurance on the equipment and another $610 for routine maintenance and repairs. Milton uses the units-of-production method of depreciation. Useful life is estimated at 100,000 units, and estimated salvage value is $4400. During Year 1, the equipment produced 12,000 units. What is the amount of depreciation for Year 1?
A. $3096
B. $3565
C. $4020
D. $3492
Answer: A
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