Tanner Company purchased equipment on April 1, 2018 for $600,000. It is estimated that the equipment will have a $50,000 residual value at the end of its 8-year useful life. It is also estimated that the equipment will produce 110,000 units over its 8-year life. Assuming 10,000 units of product are produced in 2018 and 13,600 units are produced in 2019, what is the net carrying (book) value of the equipment at December 31, 2019 according to the units-of production depreciation method? Clearly show calculations for numbers that are not given (4 points).