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On January 1, 2019, Romero Company purchased equipment for $320,000. The equipment was assigned an $18,000...

On January 1, 2019, Romero Company purchased equipment for $320,000.
The equipment was assigned an $18,000 residual value and a 16-year
life. Romero Company will use the straight-line method to depreciate
the equipment. On January 1, 2026, Romero Company spent $41,000 to
overhaul the equipment. This capital expenditure resulted in Romero
Company changing the life of the equipment from 16 years to 30 years
and adjusting the residual value to be $7,500 at the end of the 30
years.

Calculate the book value of the equipment at December 31, 2028.
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