Adkins Bakery uses the modified halfminusmonth convention to calculate depreciation expense in the year an asset is purchased or sold. Adkins has a calendar year accounting period and uses the straightminusline method to compute depreciation expense. On March 17, 2018, Adkins acquired equipment at a cost of $ 140 comma 000. The equipment has a residual value of $ 42 comma 000 and an estimated useful life of 8 years. What amount of depreciation expense will be recorded for the year ending December 31, 2018? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)