On April 1, a company acquired equipment at the cost of $253,400. The equipment is expected to have an eight-year life and a residual value of $21,300. The company's year-end is October 31. If the equipment is depreciated using the double diminishing balance method, how much depreciation expense is recorded for the first year? Select one: O a. $33,956 B b. $58,025 c. $36,954 d. $63,350 O O e. $31,675 D