29 1 pts On January 2, 2023, Lifetime Corporation acquired equipment for $400,000. The estimated life of the equipment is 5 years or 40,000 hours. The estimated residual value is $50,000. What is the balance in Accumulated Depreciation on December 31, 2024, if Lifetime Corporation uses the straight-line method of depreciation? $80,000 O $70,000 O $140,000 O $160,000