Acme Corp purchased a new machine that is expected to be used in manufacturing for 5 years for $60,000. The salvage value of the machine after 5 years is $2000. Assume the machine was purchased on the first day of the fiscal year so no partial year depreciation is needed. Using the Straight Line Depreciation Method, what is the Book Value at the end of year 3? Adapted from example on page 81 Chapter 10