Archie Co. purchased a framing machine for $49,000 on January 1, 2021. The machine is expected to have a four-year life, with a residual value of $7,000 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 $12,250 and $5,250 respectively. O $12,250 and $12,250 respectively. O $10,500 and $7,000 respectively, O $10,500 and $38,500 respectively