Farr Company Purchased a New Van for Floral Deliveries on January

Multiple Choice

Farr Company purchased a new van for floral deliveries on January 1, 2015. The van cost $56,000 with an estimated life of 5 years and $14,000 salvage value at the end of its useful life. The double-declining-balance method of depreciation will be used. What is the balance of the Accumulated Depreciation account at the end of 2016?

A) $8,960
B) $26,880
C) $35,840
D) $13,440