Flamingo Corporation Purchased a Machine for $300 000 on 1

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