On October 1, 2024, Pharoah Products Ltd. purchased a new machine for $53000. The machine is estimated to have a five-year useful life and a $8400 residual value. It is also estimated to have a total useful life of 8000 hours. It is used 1000 hours in the year ended December 31,2024 , and 2400 hours in the year ended December 31, 2025. How much depreciation expense should Pharoah Products record in 2025 under the double diminishing-balance depreciation method? $21200 $19080 $14064 $19320