Machinery was purchased for $360000 on January 1, 2017. Freight charges amounted to $16000 and there was a cost of $34000 for building a foundation and installing the machinery. It is estimated that the machinery will have a $60000 salvage value at the end of its 5-year useful life. What is the amount of accumulated depreciation at December 31, 2018, if the straight-line method of depreciation is used? O $124000. $62000. $140000. $70000