Backhaul Machine Movers depreciate their equipment over a 5-year-period using the straight-line depreciation method. On January 1, 2011, the equipment was purchased for $120,000 and is expected to have no residual value. What will be the book value of the equipment by the end of December 2013?

Select one:

a. $96,000

b. Not enough information is provided to calculate a value

c. $72,000

d. $48,000