Use for # 10 and #11: Mike Corporation purchased equipment on January 1, 2010 by paying cash of $68,000. The equipment has an estimated residual value of 4,000 and an expected useful life of 8 years. At the beginning of 2016, Sadler concluded that the total useful life of the equipment will be 12 years rather than 8, and that the residual value will be $2,000. Mike uses the straight-line method for depreciation. #10 What is the balance in accumulated depreciation at December 31, 2015, for this asset? Select one: O a. $56,000 O b. $59,500 O c. $51,000 O d. $40,000 O e. $48,000 What will be recorded as depreciation expense for 2016? Select one: O a. $3,667 O b. $1,667 O c. $3,000 O d. $3,333 O e. $1,500