Drago Company purchased equipment on January 1, 2019, at a total invoice cost of $800,000. The equipment has an estimated residual value of $20,000 and an estimated useful life of 5 years. What is the book value at December 31, 2020 after recording depreciation for the second year, if the straight-line method of depreciation is used? Hint: first ask yourself: what is the accumulated depreciation for these 2 years? $480,000$640,000$284,000$488,000