Ajax, Inc. purchased equipment on January 1, 20X2 for $214,000. The equipment was expected to have a useful life of 4 years, or 40,000 operating hours, and a residual value of $14,000. The equipment was actually used for 10,150 hours during 20x2. If Ajax used the activity-based method, what is depreciation expense for 20x2? $54302.50 $53,500 $50,750 $50,000