Page 4 of 7 Quesdon 16 (3 points) On January 1, year 1. ABC. Ltd. purchased a piece of equipment for $490000 plus Installation costs of $ 45000 that were necessary to make the equipment operational ABC. Ltd. uses the declining balance method with an acceleration rate of 200 %. The piece of equipment is expected to have a useful life of 20 years at which time it will have a residual value of $ 50000. What is the book value of the equipment as of December 31, year 5. Round your answer to the nearest dollar. Your