Global Enterprises purchased a machine on January 1,2020 for \$22.500. The machine had an estimated useful life of 10 years and an estimated residual value of $2,500. Assuming Global uses straight-line depreciation, what would be the book value of the machine on December 31,2024 ? \begin{tabular}{|l|} \hline$0 \\ $10,000 \\ $11,250 \\ $12,500 \end{tabular}