Jack's Copy Shop Bought Equipment for $240,000 on January 1

Multiple Choice

Jack's Copy Shop bought equipment for $240,000 on January 1, 2021.Jack estimated the useful life to be 3 years with no salvage value, and the straight-line method of depreciation will be used.On January 1, 2022, Jack decides that the business will use the equipment for a total of 5 years.What is the revised depreciation expense for 2022?

A) $80,000
B) $32,000
C) $40,000
D) $60,000