Equipment with a cost of $160,000 has an estimated residual value of $10,000 and an estimated life of 4 years or 12,000 hours. It is to be depreciated by the diminishing value method with a constant depreciation rate of 37.5%. What is the amount of depreciation expense for the first full year, during which the equipment was used 3,300 hours? Select one: O a. $60,000. b. $80,000. O c. $56,250. O d. $55,500