19) Cutter Enterprises purchased equipment for $93,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $7800. Using the sum-of-the-years'-digits method, depreciation for 2021 and book value at December 31 , 2021, would be: (Do not round depreciation rate per year) A) $28,400 and $64,600 respectively. B) $28,400 and $56,800 respectively. C) $31,000 and $54,200 respectively. D) $31,000 and $62,000 respectively. 20) Cutter Enterprises purcliased equipment for $102,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $3600. Using the double-declining-balance method, depreciation for 2022 would be: A) $40,800 B) $23,616. C) $24,480. D) None of these answer choices are correct. On July 1, 2021, Markwell Company acquired equipment. Markwell paid $207,500 in cash on July 1,2021 , and signed a $830,000 noninterest-bearing note for the remaining balance which is due July 1,2022 . An interest rate of 6% reflects the time value of money for this type of loan agreement. (PV of $1, PVA of $1 ) (Use appropriate factor(s) from the tables provided.) Which of the following should be included in the journal entry on July 1, 2021? (Round intermediate and final answer to nearest whole dollar amount.) A) Credit: Notes payable, $783,022 and Debit: Discount on notes payable, $46,978. B) Debit: Discount on notes payable, $46,978. C) Debit: Equipment, $1,037,500. D) Credit: Notes payable, $783,022