Jordan Company purchased a depreciable asset for $375,000 on January 4, 2018. The estimated salvage value is $25,000, and the estimated useful life is 8 years. The double-declining balance method will be used for depreciation. What is the depreciation expense for the second year (2019) on this asset?

Group of answer choices

$43,750

$70,313

$93,750

$65,625