Smpted investime Financial Accounting Spring 2020 2101000K Section Out Kansas Enterprises purchased equipment for $78,000 on January 1 2021 The equipment is expected to have a ten year service life, with a residual value of $7.200 at the end of ten years Using the straight-line method, depreciation expense for 2022 and the book value at December 31, 2022 would be: Multiple Choice O $7000 and $56.640 O 7800 and $62.400 O $700 and 55.200 O $7080 and $63.840