Colvin Enterprises purchased a depreciable asset on October 1. Year 1 at a cost of $116,000. The asset is expected to have a salvage value of $15,400 at the end of its five year useful life. If the asset is depreciated on the double-declining balance method, the asset's book value on December 31, Year 2 will be: Multiple Choice $104,400 $62640 $25,056 $32724 $21,816