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On January 1, Year 1, X Company purchased equipment for $80,000. The company estimates that the equipment will have a useful life of 10 years and a residual value of $5,000. X Company depreciates equipment using the double-declining balance method. On January 1, Year 3, the company converted to the straight-line method for depreciation.

Determine the carrying value of the equipment on December 31, Year 3.

Note: Give your answer using dollar signs and commas but no decimal points (cents).

Example: $12,345