A company purchased furniture on January 1. Its cost was $15,600, and it had a residual value of $2,000. Its useful life is determined to be 5 years. Using

doubleminusdeclining

balance depreciation, the depreciation for year 1 to the nearest dollar will be:

A.

$6,240.

B.

$2,720.

C.

$3,120.

D.

$5,440.