Mack Co. 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 Mack's depreciable assets at December 31, 2007 are as follows:
Acquisition year 2005
Cost $140,000
Residual value 20,000
Accumulated depreciation 96,000
Estimated useful life 5 years
Using the same depreciation method as used in 2005, 2006, and 2007, how much depreciation expense should Mack record in 2008 for this asset?