A project requires to replace an old depreciable asset with a new asset. At the time of replacement the book value of the old asset is $7,000. The new asset purchase price is $90,000, installation cost is $7,000 and has a 15-year service life. The book value of the new asset in year 3 is estimated to be $81,304. The project used the book depreciation declining balance method for depreciating the new asset. Assuming that the replacement of the old asset resulted in a loss during the trade-in, determine the trade-in value that was received for the old asset at the time of its replacement. (Show your calculations in detail).