Refer to the data given for Surkis Company in BE9.5. Assume instead that the company uses the diminishing-balance method and that the diminishing-balance depreciation rate is double the straight-line rate. Calculate the depreciation expense for each year of the equipment’s life.

Data from Brief Exercise 9.5

Surkis Company acquires equipment at a cost of $42,000 on January 3, 2024. Management estimates the equipment will have a residual value of $6,000 at the end of its four-year useful life. Assume the company uses the straight-line method of depreciation. Calculate the depreciation expense for each year of the equipment’s life. Surkis has a December 31 fiscal year end.