24 Newman Co. purchased CNC router cutting and engraving machinery at a cost of $320,000 in January 2019. The company's estimated useful life of this high tech equipment is 5 years, and the estimated salvage value is $48,000. Using declining-balance depreciation at twice the straight-line rate, the depreciation expense to be recognized for 2020, the second year of the machinery's life, would be: 8 02:22:23 Multiple Choice $76,800. $51,200. $84,480. $43,520