Mayfield Corporation, which has a calendar year accounting period, purchased a new machine for $80,000 on January 1, 2012. Mayfield expects to use the machine for ten years and then sell it for $8,000. The machine is sold for $44,000 on December 31, 2016.

(T or F)Iif Mayfield uses the double-declining method, the accumulated depreciation for the machine at December 31, 2016 is $53,786.