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Equipment acquired at the beginning of the year at a cost of $ 3 4 0 , 0 0 0 has an estimated residual value

Equipment acquired at the beginning of the year at a cost of $340,000 has an estimated residual value of $45,000 and an estimated useful life of 10 years.
Assume the equipment was purchased on January 1,2020 and the company's fiscal year ends on December 31. Determine the asset's book value as of January 1,2025.
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