Cutter Enterprises purchased equipment for $72,000 on January 1, 2016. The equipment is expected to have a five-year life and a residual value of $3,000. Using the straight-line method, depreciation for 2017 and the equipment's book value at December 31, 2017, would be: Multiple Choice $14,400 and $57,600. $13,800 and $41,400. O $28.800 and $43,200. $13,800 and $44,400