Question 1 (1 point) On July 1, year 1, ABC. Ltd. purchased a piece of equipment for $370000 plus installation costs of $ 65000 that were necessary to make the equipment operational. ABC. Ltd. has a December 31, fiscal year end and uses the straight line depreciation method. The piece of equipment is expected to have a useful life of 14 years at which time it will have a residual value of $ 80000. What is the book value of the equipment as of December 31, year 3. Round your answer to the nearest dollar. Your Answer: Answer Question 2 1 point)