$32$ points

On January $1,$ Year $1,$ Pete Company purchased manufacturing equipment for $$120,000.$ Installation and delivery costs totaled $$8,000.$ Yearly maintenance costs on the equipment are expected to be $$6,000.$ The expected useful life is $8$ years with a salvage value of $$12,000.$

What amount of accumulated depreciation expense would Pete Company report on its Year $3$ balance sheet?