A piece of equipment is bought for $70,000 and is depreciable, with a salvage value of $2,000. This equipment uses a 7 year MACRS schedule. The equipment is sold in year 5 for $35,000. Note that with MACRS: depreciation in the year sold, and salvage value are treated differently than other methods. A) What is the Book Value of the equipment at the end of year 5? (Note that the equipment was sold sometime in year 5, so depreciation will still be taken for that year. Just because it is sold does not mean depreciation is not taken in the year sold, although you do need to consider how MACRS affects the amount when it is sold earlier than scheduled.)