On January 1, year 1, ABC. Ltd. purchased a piece of equipment for $ 490000 plus installation costs of $ 75000 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 $ 100000. What is the book value of the equipment as of December 31. year 2. Round your answer to the nearest dollar