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Cutter Enterprises purchased equipment for $93,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $6,000.

Cutter Enterprises purchased equipment for $93,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $6,000. Using the straight-line method, the book value at December 31, 2021, would be:

Multiple Choice

$75,600.
$74,400.
$68,400.
$69,600.

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