Marjorie Corporation acquired a building on January 1, 2018, for $660,000. The building had an estimated useful life of 15 years and an estimated residual value of $60,000. On January 1, 2020, Marjorie Corporation determined that the building could only be used for a total of 12 years and there would be no residual value. Compute depreciation expense for the year ending December 31, 2020, if Marjorie Corporation uses straight-line depreciation. (round to the nearest dollar)

A. $48,333

B. $54,000

C. $58,000

D. $63,290

E. None of the above