Cutter Enterprises purchased equipment for $99,000 on January 1,2018. The equipment is expected to have a fve- year life and a residual value of $5,100. Using the double-declining balance method, depreciation for 2018 and the book value at December 31, 2018, would be: Multiple Choice $37,560 and $61,440 respectively. $39,600 and $59,400 respectively. $39,600 and $54,300 respectively. $37,560 and $56,340 respectively