On January $1,$ Year $1,$ Phillips Company made a basket purchase including land, a building and equipment for $$790,000.$ The appraised values of the assets are $$46,000$ for the land, $$740,000$ for the building and $$104,000$ 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

Year $1$ for the equipment is: $($Round your intermediate percentages to $2$ decimal places: ie $\mathrm{.}054231=5\mathrm{.}42\%.)$

Multiple Choice

$$52,000.$

$$26,000.$

$$23,088.$

$$46,176.$