A three$-$year$-$old machine has a cost of $$26,000,$ an estimated residual value of $$1,000,$ and an estimated useful life $50,000$ machine hours. The company uses units$-$of$-$production depreciation and ran the machine $3,200$ hours in year $1$;$7,050$ hours in year $2$; and $7,500$ hours in year $3.$

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Calculate the net book value at the end of the third year.

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