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 and a $12,000 residua value. The equipment will be depreciated using the straight-line method. On January 1, 2025, XYZ Company spent $28,000 to overhaul the equipment This capital expenditure caused XYZ Company to change the life of the equipment from 15 to 23 years with a residual value of $8,000 at the end of the 23 years Calculate the book value of the equipment at December 31, 2027