January 2, 2023, Kellogg Corporation acquired equipment for $800,000 . The estimated life of the equipment is 5 years or 600 hours. The estimated residual value is $20,000. What is the book value of the asset on December 31, 2024, if Kellogg Corporation uses the straightline method of depreciation? (Round any intermediary calculations to two decimal places and your final answer to the nearest dollar.)