Equipment purchased at the beginning of Year 1 for $200,000 with residual value of $20,000 is being depreciated over a five-year period using the double-declining-balance method. Which of the following statements is correct concerning the financial statements at December 31, Year 1? The accumulated depreciation account balance is now $80,000. O The book value of the equipment is now $80,000. O Depreciation expense for Year 1 is $72,000. O The equipment account now has a balance of $120,000. D Question 41 1 pts Blue Jays Lawn Care purchased new excavating equipment at the beginning of Year 1. The equipment has a cost of $37,000, an estimated life of five years, and an estimated residual value of $7,000. A full year's depreciation expense is to be recorded in Year 1. The equipment was used 20,000 hours during Year 1 and 24,000 hours during Year 2. The number of expected hours over five years is 100,000. Refer to Blue Jays Lawn Care. The company wants to use the depreciation method that will result in the highest depreciation expense for Year 1. Which method should it use? straight-line units-of-production any method O double-declining-balance