On April 1, 2015, Ninja Ltd. purchased equipment for $120,000. The equipment was estimated to have a residual value of $15,000 and is being depreciated over ten years using the straight-line method. What should be the depreciation expense for this equipment for the year ended December 31, 2020?

A) $7,875

B) $8,000

C) $10,500

D) $12,000