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On January 2, 2023, Mumford Corporation acquired equipment for $60,000. The estimated life of the equipment is 4 years. The estimated residual value is $5,000.

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On January 2, 2023, Mumford Corporation acquired equipment for $60,000. The estimated life of the equipment is 4 years. The estimated residual value is $5,000. What is the amount of depreciation expense for 2024, if the company uses the double-declining - balance method of depreciation? (Round intermediary calculations to two decimal places and your final answer to the nearest dollar.) O A. $15,000 B. $13,750 C. $27,500 D. $30,000

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