Lavender purchased PPE on January 1, 2022 for $2,259,000. The production teams estimates that the asset will be used for 5 years, after which it can be sold for $248,000. Based on these estimates, what is the book value of this asset at the end of 2022 if the company uses the double declining balance method for calculating depreciation?

$1,987,920

$1,107,400

$903,600

$1,355,400