Archie Co. purchased a framing machine for $55,000 on January 1, 2021. The machine is expected to have a four-year to, with a residual value of $2.000 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 $27500 and $27.500 respective $27.500 and $25.500 respectively 526,500 and $2.500 respectively $26,500 and $26.500 respectively