On Nov 2 2020 MG Company purchased equipment with $50000 cash.The equipment has an estimated salvage value of $8000 an estimated life of 7 years and is depreciated by the straight-line method.Use the following tabular analysis to determine the book value of the equipment at December 31 2022. 
Definitions:
Quarterly
relating to a three-month period or happening every quarter of a year.
Student Loan
A type of loan specifically designed to help students pay for post-secondary education and the associated fees, such as tuition, books, and living expenses.
Compounded Monthly
Interest calculated on a principal amount and then added to that principal sum at the end of each month, effectively increasing the base for future interest calculations.
Quarterly Contributions
Payments or deposits made into an account or investment fund every three months.
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