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17. On January 1, 2024, the Holloran Corporation purchased a machine at a cost of $55,000. The machine was expected to have a service

17. On January 1, 2024, the Holloran Corporation purchased a machine at a cost of $55,000. The machine was expected to have a service life of 10 years and a $5,000 residual value. The straight-line depreciation method was used. In 2026, the company switched to the double-declining-balance depreciation method. Depreciation for 2026 should be: a. $11,250. b. $8,500. c. $10,000. d. $12,750.

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