On May 22, 2020, Colossal Corporation purchased machinery for $80,000. The useful life of this machinery is estimated at 10 years, with a $10,000 residual value. (). Assume that Colossal uses straight-line depreciation and the half-year convention. Depreciation expense on this machinery will be: Select one: a. $4,000 in 2020 and $8,000 in 2021 O b. $3,500 in 2020 and $7,000 in 2021 O c. $8,000 in 2020 and $8,000 in 2021 d. $7,000 in 2020 and $7,000 in 2021