Three years ago, your company purchased, and put into service, a new production related piece of equipment. The equipment has a seven-year useful life. Your accounting department determined that this equipment is depreciated according to a seven-year MACRS method for tax purposes but the straight-line method is used for the financial reporting purposes (i.e. the annual report). The asset cost $634,000 for the freight and installation. The estimated salvage value at the end of the useful life is $147,000. What is the current book value (i.e. book value in year 3) that is reported for tax purposes and for the financial reporting purposes?