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A company buys an oil rig for $3700000 on January 1, 2021

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A company buys an oil rig for $3700000 on January 1, 2021. The life of the rig is 10 years and the expected cost to dismantle the rig at the end of 10 years is $594000 (present value at 8% is $275140).8% is an appropriate interest rate for this company. What expense should be recorded for 2021 as a result of these events? O Depreciation expense of $397514 and interest expense of $22011 Depreciation expense of $296000 and interest expense of $47520 O Depreciation expense of $343520 O Depreciation expense of $296000 and interest expense of $22011