Archie Co. purchased a framing machine for $47,000 on January 1, 2021. The machine is expected to have a four-year life, with a residual value of $4,000 at the end of four years. Using the double-declining-balance method, depreciation for 2022 and book value at December 31, 2022, would be: Multiple Choice $11,750 and $7,750 respectively. $10,750 and $36,250 respectively. $10,750 and $4,000 respectively. $11,750 and $11,750 respectively.