On January 1, 2015, Lake Co. purchased a machine for $1,056,000 and depreciated it by...
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Accounting
On January 1, 2015, Lake Co. purchased a machine for $1,056,000 and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. On January 1, 2018, Lake determined that the machine had a useful life of six years from the date of acquisition and will have a salvage value of $96,000. An accounting change was made in 2018 to reflect these additional data. The accumulated depreciation for this machine should have a balance at December 31, 2018, of __________. a $584,000 b $616,000 c $640,000 d $704,000
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