Hanif Co. specializes in constructing bridges for the city. They use heavy machinery in the building process. Hanif recently purchased a Rotary Blasthole Drill for $230,000 on July 1, 2017. The equipment has a useful life of 10 years and a salvage value of $30,000. On September 1, 2019, the equipment was inspected by the repairs and maintenance department. Its total useful life was revised to 6.5 years and the salvage value to $25,000. The equipment was eventually sold for $140,000 on March 31, 2020. Which of the following statements is True if Hanif uses the double-declining balance method of depreciation (All numbers rounded to the nearest dollar)? O The depreciation expense in 2017 is $23,000. The rate of depreciation in 2019 is 40%. The book value at the start of 2020 is $99,360. O All of the statements above are correct. O None of the statements above are correct