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On January 2, 2019, Mumford Corporation acquired equipment for $70,000. The estimated life of the equipment is 4 years. The estimated residual value is $8,000.

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On January 2, 2019, Mumford Corporation acquired equipment for $70,000. The estimated life of the equipment is 4 years. The estimated residual value is $8,000. What is the amount of depreciation expense for 2020, the company uses the double-declining-balance method of depreciation? (Round intermediary caloulations to two decimal places and your final answer to the nearest dolar) OA $31,000 OB. $35.000 OC. $15500 OD $17.500

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