Cutter Enterprises purchased equipment for $48,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $7,500. Using the double-declining-balance method, depreciation for 2021 and the book value at December 31, 2021, would be: Multiple Choice $16,200 and $31,800 respectively. $19,200 and $21,300 respectively. $19,200 and $28,800 respectively. $16,200 and $27,300 respectively.