On January 1, 2018, XYZ Company paid $380,000 to purchase land, building, and equipment. The market values of these assets on that date were: land $80,000; building $200,000; equipment $120,000. Before the property could be used, XYZ Company had to spend $6,000 to put the equipment in working order. The equipment was assigned a useful life of 15 years with a $12,000 salvage value. The equipment will be depreciated using the straight-line method.

On January 1, 2025, XYZ Company decided the life of the equipment should be revised from15 to 25 years with a salvage value of $3,000 at the end of the 25 years.

Calculate the book value of the equipment at December 31, 2027. Do not use decimals in your answer.