Assume Major Link purchased the equipment on January 1,2020. If Major Link uses the double-diminishing-balance method of depreciation, what is the depreciation expense for the year ended December 31, 2021 ?

a. \(\$ 5,400\)

b. \(\$ 6,000\)

c. \(\$ 8,333\)

d. \(\$ 15,000\)

On August 1, 2020, Major Link Inc. purchased a new piece of equipment that cost \(\$ 25,000\). The estimated useful life is five years, and estimated residual value is \(\$ 2,500\).