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): Multiple Choice $23,600 and $51,400. $25,000 and $45,800. $23,600 and $47,200. $25,000 and $50,000