Colvin Enterprises purchased a depreciable asset on October 1, Year 1 at a cost of $112,000. The asset is expected to have a salvage value of $15,300 at the end of its five-year useful life. If the asset is depreciated on the double-declining balance method, the asset's book value on December 31, Year 2 will be: Multiple Choice $60,480 $100,800 $20,952 $31,428 $24.192