During its first year, Correia Merchandising had sales of $350,000, a cost of goods sold of $180,000, and operating expenses (not including depreciation) of $100,000. The company estimates its income taxes expense will be approximately 35% of income before taxes. The company's equipment, all of which was purchased on June 1, cost $95,000, with an estimated residual or salvage value of $5,000, and a useful life of five years.Assuming that Correia Merchandising uses the double-declining-balance depreciation method, calculate the company’s depreciation expense for its first year ended May 31.