Cupola Fan Corporation purchased equipment for $72,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $3,000. Using the double-declining-balance method, depreciation for 2021 and the book value at December 31, 2021, would be: Multiple Choice $28,800 and $40,200 respectively. $27,600 and $44,400 respectively. $28,800 and $43,200 respectively. $27,600 and $44,400 respectively.