Equipment with a cost of $160,000, purchased on May 1,2003 , has an estimated residual value of $10,000 and an estimated life of 4 years. It is to be depreciated by the straight-line method. What is the amount of depreciation for the year 2003 , during which the equipment was used 3,300 hours? $25,000 $40,000 $37,500 $26,667