Eastern Fisheries Co. purchased equipment on January 1, 20X1 for $22,500. The equipment had an estimated useful life of 10 years and an estimated residual value of $2,500. The company uses double-declining-balance depreciation. Assuming Eastern uses double-declining-balance depreciation, what would be the depreciation expense for 20X1? Selected Answer: Correct $4,500 Answers: $2,000 $3,500 $2,250 Correct $4,500