On July 1, 20X1, Reeves Theater purchased new sound equipment for $60,000. The equipment has an estimated useful life of five years and a salvage value of $20,000. The sum-of-the-years'-digits method is used to calculate depreciation. What is the book value of the equipment at June 30, 20X3? Select answer from the options below $30,000. $52,000. $36,000. $24,000