Question 39 (2.5 points) Grey Company purchased a new van for floral deliveries on January 1, 2008. The van cost $36,000 with an estimated life of 5 years and $9,000 salvage value at the end of its useful life. The double-declining-balance method of depreciation will be used. Reference: Ref 10-2 What is the depreciation expense for 2008? O a) $14,400 Ob) $10,800 Oc) $7,200 O d) $5,400