On April 30, 2019, Penny Products Purchased Machinery for 396,000

Multiple Choice

On April 30, 2019, Penny Products purchased machinery for 396,000. The useful life of this machinery is estimated at 5 years, with a $96,000 residual value. The company uses the double-declining-balance method.
Depreciation expense for the fiscal year ending on December 31, 2020 will be:

A) $ 95,040
B) $110,400
C) $126,400
D) $116,160