On January 1, 2006, Pegleg Shrimp Company purchased a ship for $2,000,000. It has a ten-year useful life and a residual value of $50,000. The company uses the double-declining-balance method.

What was the book value of the ship at the end of the useful life?

a. $ 0-

b. $50,000

c $ 214,400

d. Would need to determine its expense for each of the ten years and then subtract the figures from its acquisition cost less residual value.