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A company purchased machinery for $20,500,000 on January 1, 2014. The machinery has a useful life of 20 years and an estimated salvage value of
A company purchased machinery for $20,500,000 on January 1, 2014. The machinery has a useful life of 20 years and an estimated salvage value of $500,000. What is the depreciation expense on the machinery for the year ended December 31, 2015, assuming that the double-declining balance method is used?
| A. | $1,000,000 | |
| B. | $3,280,000 | |
| C. | $2,450,000 | |
| D. | $1,640,000 |
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