Genesis Products purchased a machine for $80,000 on January 1, 2021 and started using it on the same day. The fiscal year ends on December 31 every year. The company depreciates the machine over 10 year estimated useful life using the double-declining balance method. Salvage value is estimated to be $3,000. Depreciation expense for the fiscal year ended December 31, 2022 is O $6,750 Ob. $7,200 Oc. $16,000 Od $12,800 Next page