Question 16. XYZ, Inc. purchased equipment on January 1, 2020 for $30,000. The equipment has an estimated useful life of 8 years or 50,000 hours, and residual value of $3,000. What is depreciation expense for year 2021 using the straight-line method? A.$3,375 B.$3,750 C.$2,500 D.$2,250

Question 17 5 Points Assuming the facts from question #16, what is depreciation expense for 2021 using the double-declining balance method? A.$7,500 B.$6,750 C.$5,625 D.$4,500