Kansas Enterprises purchased equipment for $74,000 on January 1, 2021. The equipment is expected to have a ten-year service life, with a residual value of $8,550 at the end of ten years. Using the straight-line method, depreciation expense for 2022 and the book value at December 31, 2022, would be: Multiple Choice $7,400 and $59,200 $6,545 and $60,910 $6.545 and $52.360 $7400 and $50.650