TorQue, Inc. purchased a vehicle on March 15 of this year for $50,000 and will depreciate it using the double-declining balance method over 4 years, taking a full month's depreciation in the first month. The CFO estimates the residual value at $10,000. What is the depreciation expense for the first year, rounded to the nearest hundred?
Box 1: Select the best answer
$20,800