Norwood, Inc. purchased a crane at a cost of $80,000. The crane has an estimated residual value of $5,000 and an estimated life of 8 years, or 12,500 hours of operation. The crane was purchased on January 1, 2016 and was used 2,700 hours in 2016 and 2,600 hours in 2017. If Norwood uses the double-declining-balance depreciation method, what amount is the depreciation expense for 2017? a.$20,000b.$15,000c.$14,063d.$18,750
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