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?

Group of answer choices

$1,107,400

$903,600

$1,355,400

$1,987,920