On January 1, 2019, ABC Company purchased equipment for $80,000. The equipment was assigned a life of 20 years and a $4,000 residual value. On January 1, 2022, ABC Company spent $34,180 to overhaul the equipment. This capital expenditure caused ABC Company to change the life of the equipment from 20 years to 28 years with a residual value at the end of the 28 years of $2,000. Assuming ABC Company employs the double-declining balance depreciation method, calculate the book value of the equipment at December 31, 2023. Do not use decimals in your answer.