Kansas Enterprises purchased equipment for $60,000 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $5,000 at the end of five years. Using the straight-line method, depreciation expense for 2022 and the book value at December 31, 2022, would be:
A. $12,000 and $36,000.
B. $11,000 and $33,000.
C. $11,000 and $38,000.
D. $12,000 and $31,000.
Answer: C
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Answer the following statement true (T) or false (F)