Accounting changes - abc companyon january 1 20x0 abc, Ask an Expert

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Accounting Changes - ABC Company

On January 1, 20X0 ABC Company purchased a processing machine to be used in its productionfacility located in Anytown. The machine cost $500,000, and was estimated to have a useful lifeof 10 years. The company believed the machine would be obsolete, and therefore unsalable at theend of ten years. The company uses straight line depreciation on all of its' equipment. OnJanuary 1, 20X4, ABC Company's plant manager concluded that the machine would be usefuluntil December 31, 20X7, and could be sold at that time for $45,000. ABC Company's year endis December 31.What is the net book value for this machine on December 31, 20X5?a) $300,000 b) $273,750c) $172,500d) $250,000e) $210,000

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