Kansas Enterprises purchased equipment for $77,500 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $7,800 at the end of five years. Using the double-declining balance method, depreciation expense for 2021 would be: (Do not round your intermediate calculations) Multiple Choice $31,000 $15,500 $27,880 $23,200