Equipment was purchased for $308000. Freight charges amounted to $13600 and there was a cost of $40400 for building a foundation and installing the equipment. It is estimated that the equipment will have a $60900 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be:

a. 72400

b. 60220

c. 49420

d. 50800