On January 2, 2017, Mumford Corporation Acquired Equipment for $70,000

On January 2, 2017, Mumford Corporation acquired equipment for $70,000. The estimated life of the equipment is 4 years. The estimated residual value is $8000. What is the amount of depreciation expense for 2018, if the company uses the double-declining-balance method of depreciation? (Round intermediary calculations to two decimal places and your final answer to the nearest dollar.)

A) $15,500
B) $17,500
C) $31,000
D) $35,000