Mink Inc. purchased machinery that was installed and ready for use on January 3, 2017, at a total cost of $230,000. Residual value was estimated at $30,000. The machinery will be depreciated over five years using the double declining-balance method. For the calendar year 2018, Mink should record depreciation expense on this machinery of a)$48,000. b)$55,200. c)$60,000. d)$92,000.