Gold Stat Company purchased a machine on January 1, 2019 for $120,000, with a 5-year life, and a $12,000 residual life.
If the company uses the double-declining balance method of depreciation, compute the depreciation expense for the year ended December 31, 2023.

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11ee7640_e1ca_9b4c_90da_bbd422c3c292_TBCB1007_00 * In the fifth year that the depreciation expense is only $3,552, the amount needed to reduce the asset's book value to its estimated salvage value of $12,000. Assets are not depreciated below their estimated salvage value.

Gold Stat Company Purchased a Machine on January 1, 2019