$($Chapter $9)$ Use the following information to answer questions $7$ and $8.$

The Mill Wheel is considering a project with a life of $3$ years that will require $$289,400$ for fixed assets and $$48,000$ for more net working capital. The fixed assets will be depreciated straight$-$line to a zero$-$book value over $5$ years. At the end of the project in $3$ years, the fixed assets can be sold for $$120,000$ and the net working capital will decrease by $$48,000.$ What is the book value of the asset at time $3?$

$$289,400$

$$173,640$

$$115,760$

$$57,880$

$$0$