Equipment acquired on the first day of the current fiscal year for $240,000 has an estimated life of 4 years or 20,000 hours and a residual value of $10,000. It was used for 8000 hours this year. What is the depreciation for the current year by the Units of Production Method ? Select one: a. $57,500 b. $92,000 c. $60,000 d. $120,000