10. Rachel Corporation acquired equipment on January 1, 2005, for $300,000, with an estimated useful life of 10 years and an estimated salvage value of $25,000. On January 1, 20X8, Rachel Corporation revised the salvage value to $7,500 with no change in the useful life. What is depreciation expense for the year ending December 31, 20X8 if Rachel Corporation uses straight-line depreciation? A. $21,750 B. $27, 143 C. $27,500 D. $30,000 E. $31,071