Broadway Ltd. purchased equipment on January 1, 2014, for $840,000, estimating a 7- year useful life and no residual value. In 2014 and 2015, Broadway depreciated the asset using the straight-line method. In 2016, Broadway changed to sum-of-years-digits depreciation for this equipment. What depreciation would Broadway record for the year 2016 on this equipment? (Do not round your depreciation rate.) Multiple Choice 0 $200,000. 0 $120,000. 0 $240,000. 0 $100,000