Helen's Corporation purchased factory equipment on July 1, 2015 for $48,000. It is estimated that the equipment will have a $6,000 residual value at the end of its 10-year useful life. The market value of the equipment is $55,000. Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31, 2016 is: Multiple Choice $4,800 $4,900 O O $4,200 O $6,000 O None of the other alternatives are correct