Cutter Enterprises purchased equipment for $72,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $6,000. Using the sum-of-the-years'-digits method, depreciation for 2021 and book value at December 31, 2021, would be: (Do not round depreciation rate per year) Multiple Choice $24,000 and $42,000 respectively. $22,000 and $44,000 respectively. O $24,000 and $48,000 respectively. $22,000 and $50,000 respectively