ABC Company uses double declining balance depreciation method. The company purchased machinery on January 1,2020 at a total cost of $32,000. The machinery was estimated to have a residual value of $4000 and an estimated useful life of 8 years. What is accumulated depreciation of the machinery at the end of the year of 2021 ? Select one: a. $8,000 b. $7,000 c. $13,250 d. $1400