An equipment was purchased for $30,000. It has a useful life of 5 years, and a residual value of $4,000. Compute the depreciation expense for the second year using the double- declining-balance...

Extracted text: An equipment was purchased for $30,000. It has a useful life of 5 years, and a residual value of $4,000. Compute the depreciation expense for the second year using the double- declining-balance method. O a. $6,000 Ob. $6,240 Oc. $7,200 Od. $5,200