On January 2, 2019 McNally's Extra Corporation acquired equipment for $120,000. The estimated life of the equipment is 5 years or 20,000 hours. The estimated residual value is $20,000. What is the amount of depreciation expense for 2020, if McNally's Extra Corporation uses the asset 4,000 hours and uses the units-of-production method of depreciation?

B) $24,000
	D) $30,000
	C) $25,000
	A) $20,000