Dodson Company purchased a new piece of equipment on January 1, 2024. The following information relates to the equipment purchased: Purchase price Residual value Life .... ? ? 10 years Using the straight-line depreciation method, the book value of the equipment at December 31, 2029 would be $109,480. Using the double-declining balance depreciation method, the depreciation expense recorded on the equipment in 2025 would be $40,480. Calculate the residual value assigned to this piece of equipment.