38) Cutter Enterprises purchased equipment for $72,000 on January 1, 2018. The equipment is expected to have a five-year life and a residual value of $6,000. Using the double-declining balance method, depreciation for 2019 would be: A) $28,800. B) $18,240. C) $17,280. D) None of these answer choices are correct.

PLEASE SHOW YOUR WORK, I KNOW C IS CORRECT ANSWER BUT DO NOT KNOW HOW.