A company purchased equipment on January 1,2022 , for $880,000, estimating a five-year service life and $110,000 residual value. In 2022 and 2023 , the company depreciated the asset using the double-decliningbalance method. In 2024 , the company changed to straight-line depreciation for this equipment. What depreciation would the company record for the year 2024 on this equipment? Note: Do not round your depreciation rate. Multiple Choice $190,000 $109,333 $116,000 $68,933