1 455 On January 1, 2020, equipment is purchased at a cost of $60,000. The equipment will be in use for 5 years and then disposed of for $10,000. What is the net book value of the equipment on December 31, 2020 if the firm uses I) straight-line depreciation II) (double) declining balance? OI: $50,000 II: $40,000 OI: $48,000 11: $40,000 OI: $10,000 II: $24,000 OI: $60,000 II: $60,000 OI: $50,000 II: $36,000