Swallow Ltd. takes a full year's depreciation expense in the year of an asset's acquisition and no depreciation expense in the year of disposition. Data relating to one of Swallows pieces of equipment at December 31, 2019, are as follows:

Acquisition year		2017
Cost		$280,000
Residual value		40,000
Accumulated depreciation		219,520
Estimated useful life		5 years

Using the same depreciation method that was used in 2017, 2018, and 2019, how much depreciation expense should be recorded in 2020 for this asset?

$60,480

$48,000

$32,000

$20,480