John Deere is an American manufacturer of agricultural, construction, and forestry machinery. John Deere purchased equipment for $60,000 on January 1, 2021. The equipment is expected to have a five-year life, with a residual value of $5,000 at the end of five years. Using the double-declining balance method, the book value at December 31, 2022, would be Multiple Choice $21,600 O $24,800.