What is the current book value of the existing equipment, Accounting Basics

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What is the current book value of the existing equipment

Problem

Use the given financial statement information to answer the following question:

Existing equipment

Initial cost: $70,000 five years ago
Depreciation: 10 yrs
Salvage value: $10,000
Current market value: $20,000
Annual labor expense: $50,000
Annual net working capital increase: $300 (beginning year 1)
Cost of capital: 5%

What is the current book value of the existing equipment?

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Accounting Basics: What is the current book value of the existing equipment

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