Kansas Enterprises purchased equipment for $74,000 on January 1, 2021. The equipment is expected to have a ten-year servic with a residual value of $6,900 at the end of ten years. Using the straight-line method, depreciation expense for 2021 would be: Multiple Choice O $6,710. $7,400. $6,710. $7,400. $8,090. $14,800.