31. On January 1, 2020, Powers Press purchased equipment at a cost of $12,000. The equipment had an estimated useful life of 4 years or 12,000 hours. The equipment will have a $2,000 salvage value at the end of its life. The depreciation expense for the year ending December 31, 2020, using the double decline balance method would be a. $2,500 b. $3,000 c. $6,000 d. $5,000