Quick Company purchased equipment for $100,000 during 2021. The estimated useful life of the equipment is five years, and the estimated residual value is $5,000. Quick's fiscal year end is December 31. Assuming Quick acquired the equipment on May 1 and uses straight-line depreciation, depreciation expense for 2021 (rounded to the nearest dollaris $20,000 O $12,667 O $19,000 O $19,167 The sales returns and allowances account is reported as a current liability on the balance sheet. O selling expense on the income statement. contra-revenue account on the income statement contra-asset reducing accounts receivable on the balance sheet