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A machine was purchased on January 1, 2017, for $68,000. It has a useful life of 5 years and a residual value of $8,000. Determine

A machine was purchased on January 1, 2017, for $68,000. It has a useful life of 5 years and a residual value of $8,000. Determine the depreciation for the year 2018 assuming the company uses the sum-of-the-years-digit method.

Select one:

a. $20,000

b. $16,320

c. $16,000

d. $12,000

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