Archie Co. purchased a framing machine for $55,000 on January 1, 2021. The machine is expected to have a four-year life, with a residual value of $2,000 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 $13,250 and $26,500 respectively. $13,750 and $27.500 respectively. $13,750 and $25,500 respectively $13,250 and $28,500 respectively. Archie Co. purchased a framing machine for $57,000 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 2021 and book value at December 31, 2021, would be: Multiple Choice $26,500 and $26,500 respectively $28,500 and $28,500 respectively, $26,500 and $30,500 respectively $28,500 and $24,500 respectively