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On August 1, 2022, Maglin Corp. purchased equipment for $3,799,800. The salvage value of the...

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Accounting

On August 1, 2022, Maglin Corp. purchased equipment for $3,799,800. The salvage value of the equipment is estimated to be $456,000 and the management team believes that the equipment can be used for 6 years. Assuming the company uses the double declining balance method and follows FASB's preferences for recording partial year depreciation, what should the company record as depreciation expense in 2023?

$1,090,683

$527,750

$2,181,367

$2,709,117

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