M8-6 (Algo) Computing Book Value (Units-of-Production Depreciation) LO8-3 A three-year-old machine has a cost of $53,000, an estimated residual value of $2,300, and an estimated useful life of 39,000 machine hours. The company uses units-of-production depreciation and ran the machine 5,000 hours in year 1;6,150 hours in year 2 ; and 6,600 hours in year 3. Calculate the net book value at the end of the third year