On January 1, 2004, ABC Company purchased equipment for $98,000. The equipment was assigned a life of 12 years and a residual value of $14,000.

On January 1, 2009, ABC Company decided the life of the equipment should be revised from 12 to 15 years.

On January 1, 2014, ABC Company spent $50,000 to completely overhaul the equipment. This overhaul caused ABC Company to change the life of the equipment from 15 years to 19 years with a residual value at the end of the 19 years of $3,000.

Calculate the book value of the equipment at December 31, 2015 assuming ABC Company employs the straight line depreciation method. Do not use decimals in your answer.