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1 answer:
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Answer:
$96,000
Explanation:
Data provided in the question:
Cost of the machine purchased on January 1, 2016 = $144,000
Expected salvage value = $24,000
Estimated life of the machine = 5 years
Now,
Using the straight line method of depreciation
Annual depreciation =
or
Annual depreciation =
or
Annual depreciation = $24,000
Now,
the accumulated depreciation till beginning of the third year
= Depreciation for the two years
= Annual depreciation × 2
= $24,000 × 2
= $48,000
Therefore,
The book value at the beginning of the third year
= Cost - Accumulated depreciation
= $144,000 - $48,000
= $96,000