Reference: 08-01 Eastern Fisheries Co. purchased equipment on January 1, 20x1 for $22.500. The equipment had an estimated useful life of 10 years and an estimated residual value of $2,500. The company uses double-declining balance depreciation. Assuming Eastern uses double-declining balance depreciation, what would be the book value of the machine on December 31 20x2? $20,000 $18,000 $17,750 $14,400