Sheridan Excavations Ltd. (SEL) operates specialized equipment for installing natural gas pipelines. SEL, which has a December 31 year end, began 2024 with a single piece of equipment that had been purchased for $150,000 on January 1, 2022. Assuming straight-line depreciation over 10 years with no salvage value, what is the depreciation expense for 2024?

a) $15,000
b) $12,500
c) $10,000
d) $7,500