C Presented below is information related to equipment owned by Metlock Company at December 31, 2020. Cost (residual value $0) $8,996,300 Accumulated depreciation to date 1,004,600 Value-in-use 5,523,600 Fair value less cost of disposal 4,358,110 Assume that Metlock will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 8 years. Metlock uses straight-line depreciation.