Kansas Enterprises purchased equipment for $77,000 on January 1, 2021. The equipment is expected to

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Kansas Enterprises purchased equipment for $77,000 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $8,250 at the end of five years. Using the straight-line method, the book value at December 31, 2021, would be: Multiple Choice $61,600. $55,000 $68,750. $63,250.