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A gravel pit is purchased for $200,000 and has expected usable gravel equal to 40,000 truck loads,with yearly production as follows (in truck loads) : year 1 = 10,500 ;year 2 = 9,600 ;year 3 = 8,300 ;year 4 = 6,700 ;year 5 = 4,900.When all the usable gravel has been extracted,the land can be sold for $30,000.What is the book value of the land after 3 years?
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