5. Eckman Company purchased equipment for $120,000 on January 1, 2019, and will use the double-declining balance method of depreciation. It is estimated that the equipment will have a 5-year life and a $6,000 residual value at the end of its useful life. The amount of depreciation expense recognized in the year 2020 will be (2 Points) $17.280 $27,360 $28,800. $16,416