On July 1, 2020, Burgoyne Corp. purchased a new piece of equipment for $300,000. The equipment has an estimated useful life of 5 years and an estimated residual value of $25,000. Burgoyne uses the calendar year as its fiscal year, and records depreciation to the nearest month.

a:$60,000

b:$30,000

c:$27,500

d:$55,000