Question: Can someone break down how to solve the following problem step by step? Especially the Double-declining balance depreciation part please. Acme Corp. purchased a new

Can someone break down how to solve the following problem step by step? Especially the Double-declining balance depreciation part please.

Acme Corp. purchased a new stamping machine for $100,000, paid $10,000 for shipping, and paid $5,000 to have it installed in their plant. Based on an estimated salvage value of $25,000 and an economic life of six years, the difference between straight-line depreciation and double-declining balance depreciation in the second year of the asset's life is closest to:

A. $7,220.

B. $10,556.

C. $16,666.

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