X Your answer is incorrect. Machinery was purchased for $340000 on January 1, 2025. Freight charges amounted to $16000 and there was a cost of $36000 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 8-year useful life. What is the amount of accumulated depreciation at December 31, 2026 if the straight-line method of depreciation is used? $41500. $72000. O $36000. O $83000.

Machinery was purchased for $340000 on January 1,2025. Freight charges amounted to $16000 and there was a cost of $36000 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 8-year useful life. What is the amount of accumulated depreciation at December 31, 2026 if the straight-line method of depreciation is used? $41500. $72000. $36000. $83000