Cutter Enterprises purchased equipment for $63,000 on January 1, 2016. The equipment is expected to have a five-year life and a residual value of $6,600. Using the straight-line method, depreciation for 2017 and the equipment's book value at December 31, 2017, would be: Multiple Choice $11,280 and $40,440. $11,280 and $33,840. $12,600 and $50,400 $25,200 and $37,800