Question 27

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Farr Company purchased a new van for floral deliveries on January 1, 2017. The van cost $56,000 with an estimated life of 5 years and $14,000 salvage value at the end of its useful life. The double-declining-balance method of depreciation will be used. What is the depreciation expense for 2017?

Select one:

a. The answer does not exist

b. $16,800

c. $2240

d. $8,400

e. $11,200