Question content area top Part 1 On January 2, 2017, Kornis Corporation acquired equipment for $800,000. The estimated life of the equipment is 5 years or 100,000 hours. The estimated residual value is $30,000. What is the balance in Accumulated Depreciation on December 31, 2017, if Kornis Corporation uses the double declining balance method of depreciation? Question content area bottom Part 1

A. $308,000

B. $320,000

C. $160,000

D. $154,000

Can you explain how double declining balance method of depreciation works please.