24. On January 1, 2005, the Edith Company purchased a piece of machinery that costs $150,000 and is expected to have a salvage value of $10,000 and a useful life of 7 years. Using straight-line depreciation, the book value of the machinery at December 31, 2007 would be A. $60,000 B. $70,000 C. $80,000 D. $90,000 E. $100,000