On January 1, GreyHound Company purchased a forklift for $49,500 cash. Greyback paid freight charges of $720 to the trucking company to deliver the forklift to its warehouse. The estimated salvage value and useful life of the forklift are $4,500 and 4 years, respectively. Under the straight-line method, what is the depreciation expense for the equipment as of December 31?

Select one:

A. $10,530

B. $11,475

C. $10,125

D. $11,430