A company bought a piece of equipment for $40,000,expecting to use it for eight years.The company then plans to sell it for $3,500.The company has already recorded amortization of $35,995.Using the double-declining-balance method,the company's annual amortization expense for the upcoming year would be:
A)$1,001.
B)$9,125.
C)$505.
D)$10,000.

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The Answer of A company bought a piece of equipment for $40,000,expecting to use it for eight years.The company then plans to sell it for $3,500.The company has already recorded amortization of $35,995.Using the double-declining-balance method,the company's annual amortization expense for the upcoming year would be:
A)$1,001.
B)$9,125.
C)$505.
D)$10,000.

A Company Bought a Piece of Equipment for $40,000,expecting to Use