Question 25 4 pts Presented below is information related to equipment owned by Cook Industries at December 31, 2018. The 2018 adjusting entries have already been done. Assume that Cook will continue to use the equipment in the future. Cost $15,000,000 Accumulated Depreciation to date, prior to impairment test 3,000,000 Expected future net cash flows 7,000,000 Fair Value 5,800,000 As of December 31, 2018, the equipment has a remaining useful life of four years. Cook uses the straight-line depreciation method and estimates that the equipment will have a salvage value of $500,000 at the end of its useful life What is the book value of the equipment as of December 31, 2019, which is one year later (after the 2019 adjusting entries have been done)? $5,375,000 $4,475,000 $5,800,000 $6,200,000