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Lorenzo Corporation purchased equipment on January 1, 2019 for $600,000. The equipment had an estimated...

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Lorenzo Corporation purchased equipment on January 1, 2019 for $600,000. The equipment had an estimated useful life of 5 years and an estimated salvage value of $40,000. After using the equipment for 2 years, the company determined that the equipment could be used for an additional 6 years and have a salvage value of $8,000. Assuming Lorenzo Corporation uses straight-line depreciation, compute depreciation expense for the year ending December 31, 2021. (Round your final answer to the nearest dollar.) O A. $61,333 O B. $224,000 O c. $112.000 OD. $62,667

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