3. NEIU Company purchased a new van for office supplies deliveries on January 1, 2020. The van cost $40,000 with an estimated life of 5 years and $12,500 salvage value at the end of its useful life. The double-declining-balance method of depreciation will be used. What is the depreciation expense for 2021 (second year)? a. $5,500 b. $8,000 c. $9,600 d. $16,000