Equipment purchased at the beginning of the year for $200,000 with a residual value of $20,000 is being depreciated over a 5-year period using the double-declining-balance method. Which of the following statements is correct concerning the financial statements at the end of the year?

a.The equipment account now has a balance of $120,000.

b.The accumulated depreciation account balance is now $80,000.

c.Depreciation expense for the year is $72,000.

d.The book value of the equipment is now $80,000.