Archie Co. purchased a framing machine for $48,000 on January 1, 2021. The machine is expected to have a four-year life, with a residual value of $3,000 at the end of four years. Using the straight-line method, depreciation for 2022 and book value at December 31, 2022, would be: Multiple Choice $11,250 and $25,500 respectively. $12,000 and $24,000 respectively. $11,250 and $22,500 respectively. $12,000 and $21,000 respectively