LLL Co. is looking to replace its old machinery. A supplier offers LLL Co. a great deal and will sell new equipment to LLL for $50,000 on January 1, 2023, and issue a five-year installment note payable at 4% interest. Installment payments of $11,231 are made annually. What are the book values of the principal on December 31, 2024 and 2025, respectively?

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