As of January 1, 2011, Survival Industries, Inc. purchased a boat at a cost of $360,000. When purchased, the company was using the double-declining depreciation method. Key info on t

As of January 1, 2011, Survival Industries, Inc. purchased a boat at a cost of $360,000.

When purchased, the company was using the double-declining depreciation method.

Key info on the asset at time of purchase is the following.

Estimated useful life is 6 years.

Residual Value is $0.

At the beginning of 2014, the CFO decided to change to straight-line depreciation method.

Compute the depreciation expense for 2014. (Points : 5)

$35,556

$10,667

$60,000

$120,000

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