TB MC Qu$.08-62($Static$)$ On January $1,$ Year $1,$ Jing Company purchased...

On January $1,$ Year $1,$ Jing Company purchased office equipment that cost $$34,000$ cash. The equipment was delivered under terms FOB shipping point, and

transportation cost was $$2,000.$ The equipment had a five$-$year useful life and a $$12,000$ expected salvage value.

At the end of Year $5,$ the equipment was still owned by Jing Company. What is the book value of the office equipment using the straight$-$line method and double$-$

declining$-$balance method, respectively?

Multiple Choice

$$12,000$ and $$1,680.$

$$12,000$ and $$12,000.$

$$0$ and $$0.$

None of these answer choices are correct.