On January 1,2018, White Company purchased equipment costing $80,000 paying $60,000 in cash and signing a one-year note payable for the balance. It is estimated the equipment will have a residual value of $8,000 and a 10 year useful life. White Company has a December 31 year end. What amount would be reported on the 2019 statement of earnings as depreciation expense and on the statement of financial position as its carrying amount? Multiple Choice $14,400 and $65,600. $7,200 and $14,400. $7,200 and $65,600. $8,000 and $16,000