Mitchell Corporation bought equipment on January 1, 2022. The equipment cost $120,000 and had an expected salvage value of $20,000. The life of the equipment was estimated to be 6 years. Straight-line depreciation was used. The depreciation expense each year is: Select one: a $23,333 b. $24,000 c.$16,667 d.$20,000 Mitchell Corporation bought equipment on January 1, 2022. The equipment cost $120,000 and had an expected salvage value of $20,000. The life of the equipment was estimated to be 6 years. Straight-line depreciation was used. The book value of equipment at the end of the third year would be: Select one: a. $60,000 b. $100,000 c. $86,667 d. $70,000 e. $50,000