Archie Co. purchased a framing machine for $51,000 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 straight-line method, depreciation for 2022 and book value at December 31, 2022, would be:

Multiple Choice

• $11,000 and $22,000 respectively.

• $11,000 and $29,000 respectively.

• $12,750 and $18,500 respectively.

• $12,750 and $25,500 respectively.