On January 2. 2011 KJ Corporation acquired equipment for $260,000. The estimated life of the equipment is 5 years or 40,000 hours. The estimated residual value is $20,000. What is the balance in Accumulated Depreciation on December 31, 2012, if KJ Corporation uses the straight- line method of depreciation? Show calculation. a) $ 49,500 b) $96,000 c) $53,625 d) $51,500