Cutter Enterprises purchased equipment for $72,000 on January 1, 2024. The equipment is expected to have a five-year life and a residual value of $6,000. Using the double-declining-balance method, depreciation for 2024 and the book value on December 31, 2024, would be: Multiple Choice $26,400 and $45,600, respectively. $26,400 and $39,600, respectively. $28,800 and $43,200, respectively. $28,800 and $37,200, respectively.