3) Dull Inc. purchased a machine for $10,000 on July 1, 20X1. The machine had an estimated useful life of 3 years and a residual value of $1,000. The carrying value of the machine as of December 31, 20X2, would be (assuming straight-line depreciation): a) $10,000 b) $8,500 c) $5,500 d) $5,000 e) None of the above are correct