Q7-51. Cleveland Corporation acquired a machine for $42,000 and has recorded depreciation for two years using the

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Q7-51. Cleveland Corporation acquired a machine for $42,000 and has recorded depreciation for two years using the straight-line method over a five-year life and $7,000 residual value. At the start of the third year of use, Cleveland revised the estimated useful life to a total of 10 years. Estimated residual value declined to $0.

What is the book value of the machine at the end of two full years of use?

a. $21,000

c. $14,000

b. $22,000

d. $28,000

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