on january 1 2006 flax determined that the machine had a useful life of six years fr 603391
On January 1, 2003, Flax Co. purchased a machine for $528,000 and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. On January 1, 2006, Flax determined that the machine had a useful life of six years from the date of acquisition and will have a salvage value of $48,000. An accounting change was made in 2006 to reflect these additional data. The accumulated depreciation for this machine should have a balance at December 31, 2006, of
- $292,000
- $308,000
- $320,000
- $352,000