On January1, 2004, ABC Company purchased equipment for $98,000. The equipmentwas assigned a 12-year life, a $14,000 residual value, and was being depreciatedusing the straight-line method.
On January1, 2009, ABC Company spent $45,000 to completely overhaul the equipment. This overhaul caused ABC Company to change the life of the equipment from 12years to 25 years with a residual value at the end of the 25 years of $3,000.
Calculate the book value of the equipment at December 31, 2011. Do not use decimals in your answer.