On January 1, Year 1, Phillips Company made a basket purchase including land, a building and equipment for $1,110,000. The appraised values of the assets are $78,000 for the land, $1,060,000 for the building and $232,000 for equipment. Phillips uses the double-declining-balance method for the equipment which is estimated to have a useful life of four years and a salvage value of $10,000. What is the depreciation expense for the equipment for Year 1? (Round your final answer to the nearest whole dollar amount. Round your intermediate percentages to four decimal places: ie .054231 = 5.42%.) Multiple Choice C $116,000 $58,000 $46,981 $93,962 < Previ 48 of 50 Next >