Bart paid $150,000 for a piece of equipment for his business. Bart's income statement puts the straight line depreciation rate at 20%, and the equipment is expected to have a residual value of $1,000 at the end of its useful life, which is expected to be five years.

Using double declining balance depreciation, what is the value of the piece of equipment at the end of year one?

• $120,000
• $100,000
• $60,000
• $90,000