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.