This company purchased a semi-truck at the beginning of 2011 at a cost of $100,000. The truck had an estimated life of 5 years, an estimated residual value of $20,000, and will be depreciated using the straight-line method. On January 1, 2013, the company made major repairs of $30,000 to the truck extending its life 3 years. Thus, starting with 2013, the truck has a remaining life of 5 years and a new salvage value of $8,000.

Refer to Fernbank Farms. What is the truck's book value on December 31, 2013?

• 
  
  •