Hanley Manufacturing purchased a new machine on January 1, 20X4, for $47,000 plus $8,000 of freight and installation costs. Hanley uses the double declining method of recording depreciation, and estimates the machine will last 10 years and have a residual value of $5,000. What amount of depreciation will Hanley record in 20X5? a. $6,720. b. $8,800. c. $7,520. d. $8,000