On January 1, 2025, a corporation acquired equipment for $160,000. Residual value was estimated to be $25,000. The equipment can be used 85,000 machine hours or a useful life of four years Actual usage of the equipment was recorded as 8,000 hours for the first year. What is the journal entry for depreciation expense for the first year calculated by the straight-line method? OA Depreciation Expense Equipment Accumulated Depreciation - Equipment 40,000 40,000 OB. Depreciation Expense Equipment Accumulated Depreciation Equipment 33,750 33,750 OC. Accumulated Depreciation Equipment Depreciation Expense-Equipment 33,750 33,750 OD. Accumulated Depreciation Equipment 40,000 Depreciation Expense Equipment 40,000