Run of the Mill Corporation acquired equipment on January 1, 2020, for $300,000. The equipment had an estimated useful life of 10 years and an estimated salvage value of $25,000. On January 1, 2023, Run of the Mill Corporation revised the total useful life of the equipment to 8 years and the estimated salvage value to be $10,000. Compute depreciation expense for the year ending December 31, 2023, if Run of the Mill Corporation uses straight-line depreciation. Select one: a. $43,500 b. $41,500 c. $25,938 d. $38,500