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 book value of the equipment is now $80,000. b. The accumulated depreciation account balance is now $80,000. C. The equipment account now has a balance of $120,000 d. Depreciation expense for the year is $72,000