On January 2,2015,Kaiman Corporation Acquired Equipment for $300,000

On January 2,2015,Kaiman Corporation acquired equipment for $300,000.The estimated life of the equipment is 5 years or 40,000 hours.The estimated residual value is $20,000.What is the balance in Accumulated Depreciation on December 31,2016,if Kaiman Corporation uses the straight-line method of depreciation?

A) $30,000
B) $60,000
C) $112,000
D) $120,000