Pebble Beach Co. buys a piece of equipment for $58,000. The equipment has a useful life of five years. No residual value is expected at the end of the useful life. Using the double-declining-balance method, what is the company's depreciation expense in the first year of the equipment's useful life? (Do not round intermediate calculations.) Multiple Choice $11,600 $23,200 $29,000 $14,500