Cutter Enterprises purchased equipment for $75,000 on January 1, 2016. The equipment is expected to have a five-year life and a residual value of $4,200. 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): 103 Multiple Choice $23,600 and $51,400. $25,000 and $45,800 $23,600 and $47,200. they $25,000 and $50,000