M8-6 (Algo) Computing Book Value (Units-of-Production Depreciation) LO8-3 A three-year-old machine has a cost of $33,000, an estimated residual value of $1,000, and an estimated useful ilfe of 32,000 machine hours. The company uses units-of-production depreciation and ran the machine 4,500 hours in year 1; 7,050 hours in year 2 ; and 8,300 hours in year 3 Calculate the net book value at the end of the third year. Answer is complete but not entirely correct