Kansas Enterprises purchased equipment for $78,500 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $6,600 at the end of five years. Using the double-declining balance method, depreciation expense for 2021 would be: (Do not round your intermediate calculations) 1 Multiple Choice 0 $15,700. 0 $24,800. 0 $28,760. $28,760. 0 $31,400