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On January 1, 2017, Merton Service purchased a conferencing system for $100,000. The system is expected to be used for 5 years, after which it

On January 1, 2017, Merton Service purchased a conferencing system for $100,000. The system is expected to be used for 5 years, after which it can be sold for $16,000. What is the book value of the equipment on December 31, 2017, if Merton uses the straight line method of amortization?

$28,000

$40,000

60,000

$48,000

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