Equipment was purchased for 300,000. Freight charges amounted to 14,000 and there was a cost of 40,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a 60,000 residual value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be? a. 70,800 b. 58,800 c. 49,200 d. 48,000