Kansas Enterprises purchased equipment for $80,000 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $6,750 at the end of five years. Using the straight-line method, depreciation expense for 2022 and the book value at December 31, 2022, would be: Multiple Choice $16,000 and $48,000. $14,650 and $50,700 $14,650 and $43,950 $16.000 and $41.250