Exhibit 11-1 On January 1, Year 1, Hills purchased equipment for $350,000. The equipment had an estimated useful life of ten years and an estimated residual value of $50,000. Use the double-declining-balance method to answer the following question(s). Refer to Exhibit 11-1. What is the net book value of this asset that Hills should report on the company's balance sheet at December 31, year 2? $192,000 $142,600 $224,000 $102,400