An article in the July 2006 issue of Overdrive magazine reported on straight line and accelerated methods of depreciation. Perry Wiseman of Truckers Accounting Service in Omaha, Nebraska likes to use the straight line method and take a little bit extra the first year, so there are three good years of depreciation. The cost of his truck was $108,000, with a useful life of 3 years and a residual value of $35,000. What would be the book value of the truck after the first year? Round your answers to the nearest dollar.
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