Cutter Enterprises purchased equipment for $90,000 on January 1, 2016. The equipment is expected to have a five-year life and a residual value of $5,700. Using the straight-line method, depreciation for 2017 and the equipment's book value at December 31, 2017, would be: Multiple Choice $18,000 and $72,000. $16,860 and $50,580. $16,860 and $56,280. $36,000 and $54,000