On January 1, 2013 the Happy Corporation purchased equipment for $80,000 cash. The equipment is to be depreciated at a rate of 10% using the declining balance method. The estimated salvage value after 5 years is $10,000. The net book value at the end of the first year (December 31, 2013] is: $ 63,000 $ 66,000 $ 72,000 O $ 79, 200 none of the above