Miller Manufacturing Purchased a Packaging Machine for $300,000 on January

Multiple Choice

Miller Manufacturing purchased a packaging machine for $300,000 on January 2,2012.The seller assumed that the machine would be functional for at least five years with no salvage value.In 2015,Miller decided that the machine would last an additional five years with a salvage value of $20,000.The company uses straight-line depreciation for all assets.What amount of depreciation should Miller record in 2015 and following years?

A) $20,000
B) $24,000
C) $32,000
D) $60,000