John Damon, maintenance supervisor for Red Sox Insurance Co., has purchased a riding lawnmower and accessories to be used in maintaining the grounds around corporate headquarters. He has sent the following information to the accounting department.

Cost of mower and accessories ........ $3,000

Estimated useful life ............ 5 yrs

Date purchased ............... 7⁄1 ⁄08

Monthly salary of groundskeeper ........$1,100

Estimated annual fuel cost .......... $150

Compute the amount of depreciation expense (related to the mower and accessories) that should be reported on Red Sox’s December 31, 2008, income statement. Assume straight-line depreciation.