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Use the following information for the Quick Studies below. $($Algo$)$

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On January $1,$ the Matthews Band pays $$67,000$ for sound equipment. The band estimates it will use this equipment for

five years and perform $200$ concerts. It estimates that after five years it can sell the equipment for $$2,000.$ During the first

year, the band performs $55$ concerts.

QS $8-3($Algo$)$ Straight$-$line depreciation LO P$1$

Compute the first$-$year depreciation using the straight$-$line method.