n January 1, 20X2, Union Company purchased a machine for $528,000 and depreciated it by...
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Accounting
n January 1, 20X2, Union Company purchased a machine for $528,000 and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. On January 1, 20X5, Union determined that the machine had a useful life of six years from the date of acquisition and will have a salvage value of $48,000. An accounting change was made in 20X5 to reflect these additional data. The accumulated depreciation for this machine should have a balance at December 31, 20X5, of
$292,000
$308,000
$320,000
$352,000
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