On June 1, 2023 DMJ Company purchased factory equipment for $680,000 with an estimated salvage value of $30,000. The estimated useful life for the equipment is 10 years. During 2023, 2024, and 2025 the equipment is depreciated using the straight-line method. During 2026, $80,000 is spent to improve the equipments efficiency and prolong its useful life. The new useful life is expected to be an additional 10 years beginning in 2026 and the revised salvage value is $45,000. What is depreciation expense on the equipment for 2026? a. $50,250 b. $32,500 c. $65,000 d. $47,250