Cutter Enterprises purchased equipment for $78,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $3,600. Using the double-declining-balance method, depreciation for 2021 and the book value at December 31, 2021, would be: Multiple Choice $31,200 and $46,800 respectively. $29,760 and $48,240 respectively. $31,200 and $43,200 respectively. $29,760 and $47,640 respectively