On January 1, Year 1, Friedman Company purchased a truck that cost $30,000. The truck had an expected useful life of 8 years and an $7000 salvage value. Friedman uses the double-declining-balance method. What is the book value of the truck at the end of Year 1? (Do not round intermediate calculations.)
A. $24,250
B. $17,250
C. $22,500
D. $15,500
Answer: C
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