LMN Inc. purchases factory equipment for $64,000 on January1st, 2019. The equipment is estimated to have a useful lifw 12 years at which point it will have a residual value of $4,000. LMN Inc. uses the straight-line method to account for depreciation. What is the journal wntry on dec 31 2019 to record the yearly depreciation? Select one: O a. Increase depreciation expense $5,000; Decrease Property, Plant and Equipment $5,000

b. Increase depreciation expense $5,000; decrease accumulated depreciation: $5,000

c. Increase depreciation expense $5,333; Increase Accumulated depreciation: $5,333 d. Increase depreciation expense $5,000; Increase Accumulated depreciation: $5,000