Lorenzo Corporation Purchased Equipment on January 1,2019 for $600,000

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 $60,000.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. )

A) $216,000
B) $64,000
C) $62,667
D) $108,000