Colvin Enterprises purchased a depreciable asset on October 1, Year 1 at a cost of $180,000. The asset is expected to have a salvage value of $17,000 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

• $162,000

• $53,460

• $38,880

• $35,640

• $97,200