Jevara Company purchased a piece of equipment on October 1, 2019. The equipment cost $60,000 and had an estimated life of 5 years and a salvage value of $5,000, the depreciation expense for the asset for 2021 under the straight line method is:

Select one:

a. $5,500.

b. $8,250.

c. $2,750.

d. $11,000.