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What the depreciation expense recorded on the equipment

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Question 1: On January 1, 2024, LYB Company purchased a piece of equipment for $30,000. The equipment was assigned a $4,000 residual value, a five year life, and was being depreciated using the double-declining balance depreciation method. The depreciation expense recorded on the equipment in 2027 was equal to:

Group of answer choices

Option 1: $2,480

Option 2: $4,320

Option 3: $2,246

Option 4: $3,744

Option 5: $0

Option 6: $5,200

Option 7: $2,592

Option 8: $4,000

Option 9: none of the above choices are correct

Reference no: EM132594967

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