Reference no: EM132594981
On January 1, 2019, HBW, Inc. purchased three machines for $420,000. The following information is available concerning the machines that were purchased:
Market Value
Machine A ................ $110,000
Machine B ................ $198,000
Machine C ................ $132,000
Before the property could be used, HBW, Inc. had to spend $10,000 on Machine A, $14,000 on Machine B, and $18,000 on Machine C to get the assets into working order.
Assume Machine C was assigned a $5,000 residual value, a twenty year life, and was being depreciated using the double-declining balance depreciation method.
Question 1: Calculate the book value of Machine C at December 31, 2021.
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