McDonald's Corporation purchased equipment for $120,000 on January 1, 2024. The equipment has an estimated useful life of 8 years and a salvage value of $12,000. Calculate the depreciation expense for the year ended December 31, 2024, using the double-declining balance method.

Requirements:

• Calculate the depreciation expense for the first year using the double-declining balance method.
• Provide the journal entry to record the depreciation expense for 2024.