(4 of 42) Cutter Enterprises purchased equipment for $72,000 on January 1, 2020. The equipment is expected to have a five-year life and a residual value of $6,000. Using the straight-line method, depreciation expense for 2020 would be: $13,200. $14,400. $72,000. None of these answer choices are correct. (15 of 42) Which of the following financial statements is prepared as of a point in time rather than for a period of time? Statement of cash flows. O Income statement. Statement of shareholders' equity. Balance sheet