Kansas Enterprises purchased equipment for $$60,000$ on January $1,2024.$ The equipment is expected to have a five$-$year service life, with a residual value of $$5,000$ at the end of five years.

Using the straight$-$line method, depreciation expense for $2025$ and the book value at December $31,2025,$ would be:

Multiple Choice

$$11,000$ and $$38,000,$ respectively.

$$12,000$ and $$31,000,$ respectively.

$$11,000$ and $$33,000,$ respectively.

$$12,000$ and $$36,000,$ respectively.