Fields Company purchased equipment on January 1 for 180,000 This system has a useful life of 8 years and a salvage value of 20,000 The company estimates that the equipment will produce 40,000 units over its 8-year useful life. Actual units produced are: Year 1 - 4,000 units; Year 2-6,000 units; Year 3 - 8 ,000 units; Year 4-5,000 units; Year 5 - 4 ,000 units; Year 6 - 5,000 units; Year 7 - 7,000 units; Year 8 - 3 ,000 units. What would be the depreciation expense for the first year of its useful life using the double-declining-balance method? 20,000 16,000 24,000 33,750 45,000.

To calculate the depreciation expense for the first year using the double-declining-balance method, we need to follow these steps:1. Determine the straight-line depreciation rate.2. Double the straight-line rate to get the double-declining rate.3. Apply the double-declining rate to the book value of the asset at the beginning of the year.### Step 1: Calculate the Straight-Line Depreciation RateThe straight-line depreciation rate is calculated as: Given that the useful life is 8 years: ### Step 2: Calculate the Double-Declining RateThe double-declining rate is twice the straight-line rate: ### Step 3: Apply the Double-Declining Rate to the Book ValueThe initial book value of the equipment is .The correct answer is: