A company bought a piece of equipment for $40,000 and expects to use it for eight years. The company then plans to sell it for $3,500. The company has already recorded depreciation of $35.995. Using the double-declining-balance method, what is the company's annual depreciation expense for the upcoming year?

A: $1,001

B: $9,125

C: $505

D: $10,000

A company bought a piece of equipment for $40,000 and expects to use it for eight years. The company then plans to sell it for $3,500. The company has already recorded depreciation of $35,995. Using the double- declining-balance method, what is the company's annual depreciation expense for the upcoming year? Multiple Choice