Kansas Enterprises purchased equipment for $79,500 on January 1, 2024. The equipment is expected to have a ten-year service life, with a residual value of $7,650 at the end of ten years. Using the straight-line method, depreciation expense for 2025 and the book value at December 31, 2025, would be: Multiple Choice $7,185 and $65,130, respectively. $7,950 and $63,600, respectively $7,185 and $57,480, respectively. $7,950 and $55,950, respectively