A company purchased factory equipment for 2,800,000. It is estimated that the equipment will have a 280,000 residual value at the end of its estimated 5-year useful life. If the company uses the double-declining-balance method of depreciation, the amount of annual depreciation recorded for the second year after purchase would be?

Select one alternative:

• 483,840
• 1,120,000
• 672,000
• 1,008,000