On January 1, year 1, ABC. Ltd. purchased a piece of equipment for $ 480000 plus installation costs of $ 45000 that were necessary to make the equipment operational. ABC. Ltd. uses the double declining balance method. The piece of equipment is expected to have a useful life of 18 years at which time it will have a residual value of $ 70000. What is the book value of the equipment as of December 31, year 3. Round any value to two decimal places in intermediate steps and round your final answer to the nearest dollar.