Cutter Enterprises purchased equipment for $102,000 on January 1, 2016. The equipment is expected to have a five-year life and a residual value of $8,400. Using the sum-of-the-years'-digits method, depreciation for 2016 and book value at December 31, 2016, would be (Do not round depreciation rate per year): Multiple Choice $31,200 and $70,800. $34,000 and $68,000. $31,200 and $62,400. $34,000 and $59,600