QUESTION $8$

Problems $7-12$ use the following information: A firm purchased a new piece of equipment with an estimated useful life of five years. The cost of the equipment was $$55,000.$ The salvage value is estimated to by $$5,000$ at the end of year $5.$

Using the straight$-$line method of depreciation, what is the book value for year $4?$

A$.10,000$

B$.45,000$

C$.35,000$

D$.25,000$

E$.15,000$