On January 1, 2022, XYZ Company purchased a piece of equipment for $292,000. The equipment was assigned a residual value of $11,200 and a life of eighteen years. On January 1,2027,XYZ Company spent $51,000 to overhaul the engine in the equipment. This overhaul resulted in XYZ Company changing the life of the equipment from 18 years to 27 years with a residual value at the end of the 27 years being equal to $4,300. Assume XYZ Company is using the straight-line method to depreciate the equipment. Calculate the book value of the equipment at December 31, 2031