2 Cutter Enterprises purchased equipment for $99,000 on January 1, 2024. The equipment is expected to have a five-year life and a residual value of $9,000. Using the straight-line method, depreciation for 2025 and the equipment's book value on December 31, 2025, would be: Multiple Choice $18,000 and $63,000, respectively. $19,800 and $79,200, respectively. $39,600 and $59,400, respectively. $18,000 and $54,000, respectively.