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A company buys a piece of equipment for $60,000. The equipment has a useful life of...

A company buys a piece of equipment for $60,000. The equipment has a useful life of three years. No residual value is expected at the end of the useful life. Using the double-declining-balance method, what is the company's depreciation expense in the first year of the equipment’s useful life? (Do not round intermediate calculations) $40,000. $20,000. $15,000. $30,000.

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