On January 1, a machine was purchased for $120,000 with a useful life of 10 years with no residual value. What is the accumulated depreciation at the end of year 2 under the straight-line method, assuming a December 31 year-end? HINT: the question is asking for accumulated depreciation, not depreciation expense.

a. $12,000

b. $24,000

c. $96,000

d. $120,000