QUESTION 14 David has a skate sharpening business. He purchased equipment on August 1, 2019 for $120,000 with an estimated salvage value of $20,000 and a useful life of 5 years. What would the net book value be for David's equipment at December 31, 20197 O 571,667 $80,000 O 591,667 5111,667 QUESTION 15 Which of the following statements is/are true? O in a period of rising costs and stable inventory levels, using the LIFO method leads to a lower taxable income and higher financial net income compared to the FIFO method. Ob in a period of rising costs and stable inventory levels, using the FIFO method leads to a higher taxable income and higher financial net income compared to the LIFO method. Oc in a period of falling costs and stable inventory levels, cost of goods sold is the same under LIFO and FIFO. Od. All of the other answer choices are true