Flamingo Corporation Purchased a Machine for $300 000 on 1

question 24

Multiple Choice

Flamingo Corporation purchased a machine for $300 000 on 1 January. The estimated life is 10 years. Three years later, what is the book value of the machine reported in the balance sheet as at 31 December, assuming that straight-line depreciation is used and the estimated residual value is zero?

• A) $300 000
• B) $210 000
• C) $120 000
• D) $60 000

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