Stan's pizza bough a new delivery van on July 1, 2020, for $20,000. The estimated life if 5 years and the estimated salvage or residual value is $3,000. Stan's is a calendar-year firm and uses the double-declining method to calculate depreciation for his van.

Calculate the depreciation expense for Stan's pizza for 2024.

Year Book Value at Beginning Depreciation of Year Expense $20,000 $4,000 $16,000 $6,400 $9,600 $3,840 $5,760 $2,304 2020 2021 2022 2023 Accumulated Depreciation Balance at Year End $4,000 $10,400 $14,240 $16,544 Book Value at Year End $16,000 $9,600 $5,760 $3,456