Ontario Ltd

Ontario Ltd. owns a machine that it purchased on Jan 1, 2010 for $750,000. The machine had an estimated useful life of 5 years and an estimated residual value of $50,000. The company uses straight-line depreciation and records monthly depreciation. The machine was sold on December 31, 2013 for $200,000. What was the annual depreciation expense?

A) $10,000
B) $140,000
C) $150,000
D) $560,000