Determining Fixed Asset's Book Value

The balance in the equipment account is $3,500,000, and the balance in the accumulated depreciationequipment account is $1,785,000.

a. What is the book value of the equipment? $

b. Does the balance in the accumulated depreciation account mean that the equipment's loss of value is $1,785,000? ____ , because depreciation is an allocation of the _____ of the equipment to the periods benefiting from its use.