On January 1, 2002, ABC Company purchased equipment for $100,000.
The equipment was assigned an estimated life of 10 years and a salvage value of $10,000. On January 1, 2005, ABC Company
decided the life of the equipment should be revised from 10 to 15 years with a salvage value
of $4,000 at the end of the 15 years.
Calculate the book value of the equipment at December 31, 2009 assuming ABC Company uses
the straight-line depreciation method. Do not use decimals in your answer.