On January 1, 2016, Phillips Company made a basket purchase including land, a building and equipment for $970,000. The appraised values of the assets are $70,000 for the land, $980,000 for the building and $200,000 for equipment Phillips uses the double declining balance method of depreciation for the equipment which is estimated to have a useful life of four years and a salvage value of $10,000. The depreciation expense for 2016 for the equipment is (Round your intermediate percentages to four decimal places: ie .054231 = 5.42%.): 0 $100,000 O $50,000 O $38,800 $77,600