Cutter Enterprises purchased equipment for $90,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $7,200. Using the sum-of-the-years'-digits method, depreciation for 2021 and book value at December 31, 2021, would be: (Do not round depreciation rate per year) Multiple Choice $30,000 and $60,000 respectively. $30,000 and $52,800 respectively. $27,600 and $62,400 respectively. $27,600 and $55,200 respectively