Cutter Enterprises purchased equipment for $75,000 on January 1, 2016. The equipment is expected to have a five-year life and a residual value of $3,600. Using the straight-line method, depreciation for 2017 and the equipment's book value at December 31, 2017, would be:
$14,280 and $46,440
$14,280 and $42,840
$30,000 and $45,000
$15,000 and $60,000