Royal Company purchased a dump truck at the beginning of $2012$ at a cost of $$60,000.$ The truck had an estimated life of $6$ years and an estimated residual value of $$24,000.$ On January $1,2014,$ the company made major repairs of $$20,000$ to the truck that extended the life $1$ year. Thus, starting with $2014,$ the truck has a remaining life of $5$ years and a new salvage value of $$8,000.$ Royal uses the straight$-$line depreciation method.