Machinery Is Purchased for $140 000

Multiple Choice

Machinery is purchased for $140 000.It is estimated that it has a useful life of 5 years and a residual value of $20 000.Using the straight-line method,the balance in the accumulated depreciation account at the end of the third year of the machine's useful life is:

A) $140 000
B) $68 000
C) $24 000
D) $72 000