Oregon Company is in the process of preparing its financial statements for 2023. Assume that no entries for any depreciation or accounting changes have been recorded in 2023 . The following information related to depreciation of fixed assets is provided to you: Oregon purchased equipment on January 2, 2020, for $75,000. At that time, the equipment had an estimated useful life of 8 years with a $5,000 salvage value. The equipment is depreciated on a straight-line basis. On January 2, 2023, as a result of additional information, the company determined that the equipment has a remaining useful life of 10 years with a $3,000 salvage value. Following all appropriate adjusting/correcting journal entries, the 2023 depreciation expense for the equipment will be: Select one: a. $4,875 b. $5,450 c. $4,575 d. 56,375 e. $9,875