Burger Foods purchased a truck, on January 1, from a company going out of business - for $42,000. An appraisal indicated the fair value of the truck to be $50,000. Burger Foods estimated the truck would provide future benefits for 5 years and would bring an $8,800 residual (SALVAGE) value at the end of the 5-year period.

How much is the depreciation expense for the first year of life if Burger Foods uses the double-declining-balance method?

A. $ 20,000

B. $ 16,800

C. $ 9,000

D. $ 18,000

E. $ 13,280

F. $ 16,480