Your Company purchased equipment that cost $285,000 cash on January 1, 2019. The equipment had an expected useful life of eight years and an estimated salvage value of $15,000. Your Company depreciates its assets under the double declining balance method Accumulated depreciation at the beginning of 2020 was $71,250. What was depreciation expense for 2020? (Round to nearest dollar if necessary.) $49,688 $33,750 $67,500 $53,438