Question: Can you please explain how to solve this problem. I don't understand the equation to use. On January 1, 2015, a company bought a machine

Can you please explain how to solve this problem. I don't understand the equation to use.

On January 1, 2015, a company bought a machine for $120,000. The machine has a useful life of 5 years and a salvage value of $20,000. The company used the double declining balance method of depreciation. What is depreciation for2016?

The answer is 28,800

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