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Cutter Enterprises purchased equipment for $72,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $3,600. Using the straight-line method, depreciation for 2022 and the equipment's book value at December 31, 2022, would be: Multiple Choice $13,680 and $44,640 respectively. $13,680 and $41,040 respectively. $28,800 and $43,200 respectively. $14,400 and $57,600 respectively