Equipment was purchased on 1/1/20Y1 for $50,000, had a residual value of $5,000 and a useful life of 5 years. The depreciation expense using the straight-line method is $9,000 per year. Calculate the book value on 12/31/20Y3 (after 2 years of depreciation) $18,000 $45,000 $32,000 $27,000