On January 1, of the current year, Maryland Mills purchased equipment for $180,000. The equipment had an

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Question:

On January 1, of the current year, Maryland Mills purchased equipment for $180,000. The equipment had an estimated useful life of ten years and an estimated residual value of $40,000. Using the double-declining-balance method, how much depreciation should Maryland record on the asset at the end of the current year?

a. $9,000

b. $18,000

c. $28,000

d. $36,000