Equipment with a cost of $164,093 has an estimated residual value of $7,587 and an estimated life of 5 years or 13,478 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used 3,243 hours? a. $37,657.59 b. $5.00 c. $48.26 d. $31,301.20